SYDNEY and NEW
YORK, May 4, 2023 /PRNewswire/ -- As previously
disclosed on a Form 6-K filed on November 3,
2022, on November 2, 2022,
Integrated Media Technology Limited (NASDAQ: IMTE) ("IMTE" or 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). In accordance with its Listing Rules, the Company
has a compliance period of 180 calendar days, or until May 1, 2023, to regain compliance with Nasdaq's
minimum bid price requirement.
On May 2, 2023, the Company
received a letter from Nasdaq notifying the Company that, while the
Company has not regained compliance with the Minimum Bid Price
Requirement, Nasdaq has determined that the Company is eligible for
an additional 180 calendar day period, or until October 30, 2023, (the
"Second Compliance Period") to regain compliance. Nasdaq's
determination was based on (i) the Company meeting the continued
listing requirement for market value of publicly held shares and
all other applicable requirements for initial listing on The Nasdaq
Capital Market, with the exception of the Minimum Bid Price
Requirement, and (ii) the Company's written notice to Nasdaq of its
intention to cure the deficiency during the Second Compliance
Period by effecting a reverse stock split, if necessary.
If at any time during the Second Compliance Period, the closing
bid price of the Company's common stock is at least $1 per share for a minimum of 10 consecutive
business days, Nasdaq will provide the Company with written
confirmation of compliance. If compliance with the Minimum Bid
Price Requirement cannot be demonstrated by October 30, 2023, Nasdaq will provide written
notification that the Company's common stock will be delisted. At
that time, the Company may appeal Nasdaq's determination to a
Hearings Panel. Accordingly, there can be no assurance that the
Company will be able to regain compliance with the Minimum Bid
Price Requirement or maintain its listing on The Nasdaq Capital
Market.
About Integrated Media Technology Limited ("IMTE")
IMTE is an Australian company engaged in the business of
marketing and distribution of Halal products, manufacture and sale
of nano coated plates for air filters and air purifiers, the
operating of an online exchange platform for trading in digital
assets, and manufacture and sale of switchable glass. 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