Integrated Media Technology Limited Announces Not Meeting the Minimum Stockholders' Equity for Continued Listing Requirement
SYDNEY, Australia and HONG KONG and NEW YORK, June 29, 2020 (GLOBE NEWSWIRE) -- 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 e 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.
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