HONG
KONG, May 23, 2024 /PRNewswire/ -- Infobird Co.,
Ltd (NASDAQ: IFBD) ("Infobird" or the "Company"), a
software-as-a-service provider of AI-powered customer engagement
solutions in China, today reports
that as of May 16, 2024, it is
delinquent in filing its annual report on Form 20-F for the fiscal
year ended December 31, 2023 (the
"2023 Form 20-F") with the U.S. Securities and Exchange Commission
(the "SEC"). The Company previously filed a Form 12b-25 with the
SEC on April 29, 2024 for the late
filing of the 2023 Form 20-F, pursuant to which the 2023 Form 20-F
was due to be filed by May 15, 2024.
The Company expects to file the 2023 Form 20-F once the Company's
financial statements for the fiscal year ended December 31, 2023 are finalized.
The Company also reports that on May 20, 2024, it received a notification letter
from Nasdaq Listing Qualifications ("Nasdaq") stating that the
Company was not in compliance with Nasdaq Listing Rule 5250(c)(1)
due to its failure to timely file the 2023 Form 20-F with the
SEC.
The Nasdaq notification letter provides the
Company 60 calendar days from the date of the notification, or
until July 19, 2024, to submit a plan
to Nasdaq to regain compliance with the Nasdaq's continued listing
requirements. If the plan is accepted, Nasdaq can grant an
exception of up to 180 calendar days, or until November 11, 2024, for the Company to regain
compliance. The Company may regain compliance at any time during
this 180-day period by filing its 2023 Form 20-F. If Nasdaq
does not accept the Company's compliance plan, the Company will
have the opportunity to appeal that decision to a Hearings Panel
under Nasdaq Listing Rule 5815(a). The Company intends to provide a
plan of compliance to Nasdaq on or before July 19, 2024.
The Nasdaq notification letter has no immediate
effect on the listing of the Company's ordinary shares on the
Nasdaq Stock Market. This announcement is made in compliance with
Nasdaq Listing Rule 5810(b) which requires prompt disclosure of
receipt of a deficiency notification.
About Infobird Co., Ltd
Infobird, headquartered in Hong Kong, is a software-as-a-service provider
of innovative AI-powered, or artificial intelligence enabled,
customer engagement solutions. For more information, visit
Infobird's website at www.Infobird.com.
Forward-Looking Statements
This press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar
statements. Statements that are not historical facts, including
statements about the Company's beliefs and expectations, are
forward-looking statements. Among other things, the business
outlook and quotations from management in this press release, as
well as the Company's strategic and operational plans, contain
forward-looking statements. The Company may also make written or
oral forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K,
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Forward-looking statements
involve inherent risks and uncertainties. A number of factors could
cause actual results to differ materially from those contained in
any forward-looking statement, including but not limited to the
following: the Company's goals and strategies; the Company's future
business development, financial condition and results of
operations; and the Company's expectations regarding demand for and
market acceptance of its products and services. Further information
regarding these and other risks is included in the Company's annual
report on Form 20-F and current report on Form 6-K and other
documents filed with the SEC. All information provided in this
press release is as of the date of this press release, and the
Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable
laws.
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SOURCE Infobird Co., Ltd
