SHENZHEN, China, Dec. 20,
2024 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP, the
"Company"), a provider of innovative smart cloud platform services
and solutions, new media and artificial intelligence (AI)
solutions, today announced that on December
19, 2024, it received notification from The Nasdaq Stock
Market LLC ("Nasdaq") confirming the Company has been granted an
additional 180 calendar day period for compliance under its minimum
bid price requirement through June 16,
2025.
To regain compliance with Nasdaq's minimum bid price requirement
set forth under Nasdaq Listing Rule 5810(c)(3)(A), the closing bid
price of the Company's ordinary shares needs to be at least US$1.00
per share or greater for at least ten consecutive business days by
June 16, 2025.
The Company intends to monitor the closing bid price of the
ordinary shares and may, if appropriate, consider implementing
available options to regain compliance with the minimum bid price
requirement under Nasdaq Listing Rule 5550(a)(2). If the Company
chooses to implement a reverse stock split, it must complete the
split no later than ten business days prior to June 16, 2025 in order to regain
compliance.
This press release is issued pursuant to Nasdaq Listing Rule
5810(b), which requires prompt disclosure of receipt of the
Notification Letter. The Notification Letter has no immediate
effect on the listing of the Company's ordinary shares, which will
continue to trade uninterrupted on Nasdaq under the ticker
"TAOP".
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully
leveraging technology in the development of innovative solutions to
help customers in both the private and public sectors to more
effectively communicate and market to their desired targets. The
Company has built a far-reaching city partner ecosystem and
comprehensive portfolio of high-value, high-traffic areas for its
products, which are aligned together with Taoping's smart cloud
platform, cloud services and solutions, new media and artificial
intelligence. For more information about Taoping, please visit
http://en.taop.com. You can also follow us on X.
Safe Harbor Statement
This press release contains "forward-looking statements" that
involve substantial risks and uncertainties. All statements other
than statements of historical facts contained in this press
release, such as statements regarding our estimated future results
of operations and financial position, our strategy and plans, and
our objectives or goals, are forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
and Section 21E of the Securities Exchange Act of 1934, as amended.
We have attempted to identify forward-looking statements by
terminology including "anticipates," "believes," "can," "continue,"
"could," "estimates," "expects," "intends," "may," "plans,"
"potential," "predicts," "should," or "will" or the negative of
these terms or other comparable terminology. Our actual results may
differ materially or perhaps significantly from those discussed
herein, or implied by, these forward-looking statements. There are
a significant number of factors that could cause actual results to
differ materially from statements made in this press release,
including: our potential inability to achieve or sustain
profitability or reasonably predict our future results, the effects
of the global Covid-19 pandemic or other health crisis, the
emergence of additional competing technologies, changes in domestic
and foreign laws, regulations and taxes, uncertainties related to
China's legal system and economic,
political and social events in China, the volatility of the securities
markets; and other risks including, but not limited to, those that
we discussed or referred to in the Company's disclosure documents
filed with the U.S. Securities and Exchange Commission (the "SEC")
available on the SEC's website at www.sec.gov, including the
Company's most recent Annual Report on Form 20-F as well as in our
other reports filed or furnished from time to time with the SEC.
The forward-looking statements included in this press release are
made as of the date of this press release and the Company
undertakes no obligation to publicly update or revise any
forward-looking statements, other than as required by applicable
law.
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SOURCE Taoping Inc.