SYDNEY and NEW
YORK, Nov. 3, 2022 /PRNewswire/ --
Integrated Media Technology Limited (NASDAQ: IMTE) ("IMTE" or the
"Company"), announces today that on
November 2, 2022, the Company
received a notification letter (the "Notification Letter") from the
Listings Qualifications Department of The Nasdaq Stock Market LLC
("Nasdaq") regarding a failure to meet Nasdaq's minimum bid price
requirements. The Notification Letter informed the Company that the
minimum closing bid price per share for its common stock was below
$1.00 for a period of 30 consecutive
business days and that the Company did not meet the minimum bid
price requirement set forth in Nasdaq Listing Rule 5550(a)(2). This
press release is issued pursuant to Nasdaq Listing Rule 5810(b),
which requires prompt disclosure of receipt of a deficiency
notification.
The Notification Letter has no immediate effect on the listing
or trading of the Company's common stock on the Nasdaq Capital
Market.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a
compliance period of 180 calendar days, or until May 1, 2023 (the
"Compliance Period"), to regain compliance with Nasdaq's minimum
bid price requirement. If at any time during the Compliance Period,
the closing bid price per share of the Company's common stock is at
least $1.00 for a minimum of 10 consecutive business days, Nasdaq
will provide the Company a written confirmation of compliance and
the matter will be closed.
In the event the Company does not regain compliance by
May 1,2023, the Company may be
eligible for an additional 180 calendar day period to regain
compliance. To qualify, the Company will be required to meet the
continued listing requirement for market value of publicly held
shares and all other initial listing standards for the Nasdaq
Capital Market, with the exception of the bid price requirement,
and will need to provide written notice of its intention to cure
the deficiency during the second compliance period, including by
effecting a reverse stock split, if necessary. If the Company
chooses to implement a reverse stock split, it must complete the
split no later than ten business days prior to the expiration of
the second compliance period.
About Integrated Media Technology Limited ("IMTE")
IMTE is an Australian company engaged in the business of
manufacture and sale of nano coated plates for filters, the
manufacture and sale of electronic glass, Halal certification and
distribution of Halal products and the operating of an online
exchange platform for trading in digital assets. For more
information, please visit www.imtechltd.com.
Safe Harbor Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including those
regarding IMTE's expectations, intentions, strategies, and beliefs
pertaining to future events or future financial performance. Actual
events or results may differ materially from those in the
forward-looking statements because of various important factors,
including those described in the Company's most recent filings with
the SEC. IMTE assumes no obligation to update publicly any such
forward-looking statements, whether because of new information,
future events or otherwise. For a more complete description of the
risks that could cause our actual results to differ from our
current expectations, please see the section entitled "Risk
Factors" in IMTE's annual reports on Form 20-F and interim reports
on Form 6-K filed with the SEC, as such factors may be updated from
time to time in IMTE's periodic filings with the SEC, which are
accessible on the SEC's website and at
http://www.imtechltd.com.
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SOURCE Integrated Media Technology Limited