Integrated Media Technology Limited Announces Not Meeting the Minimum Stockholders’ Equity for Continued Listing Requiremen...
June 29 2020 - 1:58PM
Integrated Media Technology Limited (NASDAQ: IMTE) (“IMTE” or the
“Company”), announces today that on June 19, 2020, the Company
received a written notice (the "Notice) from the Listing
Qualifications Department of The Nasdaq Stock Market ("Nasdaq
Staff") advising the Company that, based upon our annual report on
Form 20-F for the fiscal year ended December 31, 2019, the reported
stockholders' equity of approximately US$55,322 does not meet the
requirement of a minimum of US$2,500,000 in stockholders' equity
for continued listing requirement set forth in Nasdaq Listing
Rules. The notification also stated that the Company would be
provided 45 days to submit a plan to regain compliance with the
listing requirement. If the plan is accepted, the Company can be
granted up to 180 calendar days from the date of the Notice to
evidence compliance. If the Company is unable to evidence
compliance in that period, the Nasdaq Staff will provide the
Company with written notification that its securities are subject
to delisting from The Nasdaq Capital Market. The Company may appeal
any delisting determination by the Nasdaq Staff to a Nasdaq
Hearings Panel.
The Company is currently evaluating its
available options to resolve the deficiency and regain compliance
with the Nasdaq minimum stockholders' equity requirement.
There can be no guarantee, however, that the
Company's plan will be accepted by the Nasdaq Staff or that the
Company will be able to regain compliance with the continued
listing requirement of Rule 5550(b)(1).
About Integrated Media Technology
Limited (“IMTE”)
IMTE is engaged in the business of (i)
distribution of switchable glass, (ii) the investment, development,
and commercialization of Internet of Things and (iii) marketing and
sales of visual technology with a focus on glasses-free three
dimensional (“3D”) (also known as autostereoscopic 3D) display
technology. IMTE is headquartered in Hong Kong with regional
offices in Australia and China. IMTE is traded on the Nasdaq under
the symbol "IMTE". For more information, please visit
www.imtechltd.com.
Safe Harbor Statement
This press release contains certain statements
that may include "forward-looking statements." All statements other
than statements of historical fact included herein are
"forward-looking statements." These forward-looking
statements are often identified by the use of forward-looking
terminology such as "believes," "expects" or similar expressions,
involve known and unknown risks and uncertainties. Although
the Company believes that the expectations reflected in such
forward-looking statements are reasonable, they do involve
assumptions, risks, and uncertainties, and these expectations may
prove to be incorrect. You should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company's actual results could differ materially
from those anticipated in these forward-looking statements as a
result of a variety of factors, including those discussed in the
Company's periodic reports that are filed with the Securities and
Exchange Commission and available on its website
(http://www.sec.gov). All forward-looking statements attributable
to the Company or persons acting on its behalf are expressly
qualified in their entirety by these factors. Other than as
required under the securities laws, the Company does not assume a
duty to update these forward-looking statements.
Investor Relations
Contact: Email: info@imtechltd.com
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