NEW
YORK, Oct. 11, 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 October 10, 2022, it
received a letter from The Nasdaq Stock Market LLC ("Nasdaq"),
notifying the Company that since the closing bid price of the
Company's common stock has been at $1.00 per share or greater, it has regained
compliance with the Nasdaq's minimum $1.00 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. On April 26, 2022, the
Company received an extension of another 180-calendar-day
compliance period that it was eligible for an additional 180
calendar day period, or until October 24, 2022, to regain
compliance.
On October 10, 2022, the Company
received notice from Nasdaq confirming that for the last 10
consecutive business days, from September 26
through October 7, 2022, the closing bid price of the
Company's common stock has been at $1.00 per share or greater. Accordingly, the
Company has regained compliance with Listing Rule 5550(a)(2), and
this matter is now 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 Metaverse Pte. 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.