NEW
YORK, April 27,
2022 /PRNewswire/ -- Color Star Technology Co., Ltd.
(Nasdaq: CSCW) ("Color Star" or the "Company"), an entertainment
technology company with a global network that focuses on the
application of technology and artificial intelligence in the
entertainment industry, announces today that on April 26, 2022, it received a letter from The
Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that it
is eligible for an additional 180 calendar day period, or until
October 24, 2022, to regain
compliance with the Nasdaq's minimum $1 bid price per share requirement.
The Company was first notified by Nasdaq of its failure to
maintain a minimum bid price of $1.00
per share for 30 consecutive trading days under Nasdaq Listing Rule
5550(a)(2) and 5810(c)(3)(A) on October 27, 2021, and was given
until April 25, 2022 to regain compliance. The Company did not
regain compliance with the minimum $1 bid price per share
requirement during the first 180-calendar-day compliance period and
has submitted the written notice of its intention to cure the
deficiency during the second compliance period.
If at any time before October 24,
2022, the bid price of the Company's ordinary shares closes
at or above $1 per share for a
minimum of 10 consecutive trading days, the Company will regain
compliance with the Nasdaq Listing Rules, and the matter will be
closed.
About Color Star Technology Co., Ltd.
Color Star Technology Co., Ltd. (Nasdaq: CSCW) is an
entertainment and education company that provides online
entertainment performances and online music education services. Its
business operations are conducted through its wholly-owned
subsidiaries, Color China Entertainment Ltd. and CACM Group NY,
Inc. The Company's online education is provided through its Color
World music and entertainment education platform. More information
about the Company can be found at
www.colorstarinternational.com.
Forward-Looking Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Forward-looking statements are
not guarantee of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's
future business development, including the development of the
metaverse project; product and service demand and acceptance;
changes in technology; economic conditions; the growth of the
educational and training services market internationally where CSCW
conducts its business; reputation and brand; the impact of
competition and pricing; government regulations; fluctuations in
general economic and business conditions and assumptions underlying
or related to any of the foregoing and other risks contained in
reports filed by the Company with the Securities and Exchange
Commission. For these reasons, among others, investors are
cautioned not to place undue reliance upon any forward-looking
statements in this press release. Additional factors are discussed
in the Company's filings with the U.S. Securities and Exchange
Commission, which are available for review at www.sec.gov. The
Company undertakes no obligation to publicly revise these
forward–looking statements to reflect events or circumstances that
arise after the date hereof unless required by applicable laws,
regulations or rules.
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SOURCE Color Star Technology Co., Ltd.