Built-in Media Know-how (IMTE) Granted 180-Day Extension to Regain Nasdaq Compliance
As beforehand disclosed on a Type 6-Okay filed on November 3, 2022, on November 2, 2022, Built-in Media Know-how Restricted (IMTE) (“IMTE” or the “Firm”) obtained a notification letter (the “Notification Letter”) from the Listings {Qualifications} Division of The Nasdaq Inventory Market LLC (“Nasdaq”) concerning a failure to fulfill Nasdaq’s minimal bid worth necessities. The Notification Letter knowledgeable the Firm that the minimal closing bid worth per share for its widespread inventory was beneath $1.00 for a interval of 30 consecutive enterprise days and that the Firm didn’t meet the minimal bid worth requirement set forth in Nasdaq Itemizing Rule 5550(a)(2). In accordance with its Itemizing Guidelines, the Firm has a compliance interval of 180 calendar days, or till Might 1, 2023, to regain compliance with Nasdaq’s minimal bid worth requirement.
On Might 2, 2023, the Firm obtained a letter from Nasdaq notifying the Firm that, whereas the Firm has not regained compliance with the Minimal Bid Worth Requirement, Nasdaq has decided that the Firm is eligible for a further 180 calendar day interval, or till October 30, 2023, (the “Second Compliance Interval”) to regain compliance. Nasdaq’s dedication was primarily based on (i) the Firm assembly the continued itemizing requirement for market worth of publicly held shares and all different relevant necessities for preliminary itemizing on The Nasdaq Capital Market, aside from the Minimal Bid Worth Requirement, and (ii) the Firm’s written discover to Nasdaq of its intention to remedy the deficiency throughout the Second Compliance Interval by effecting a reverse inventory break up, if mandatory.
If at any time throughout the Second Compliance Interval, the closing bid worth of the Firm’s widespread inventory is at the least $1 per share for at least 10 consecutive enterprise days, Nasdaq will present the Firm with written affirmation of compliance. If compliance with the Minimal Bid Worth Requirement can’t be demonstrated by October 30, 2023, Nasdaq will present written notification that the Firm’s widespread inventory will probably be delisted. At the moment, the Firm might enchantment Nasdaq’s dedication to a Hearings Panel. Accordingly, there could be no assurance that the Firm will be capable to regain compliance with the Minimal Bid Worth Requirement or keep its itemizing on The Nasdaq Capital Market.
About Built-in Media Know-how Restricted (“IMTE”)
IMTE is an Australian firm engaged within the enterprise of promoting and distribution of Halal merchandise, manufacture and sale of nano coated plates for air filters and air purifiers, the working of an internet alternate platform for buying and selling in digital property, and manufacture and sale of switchable glass. For extra info, please go to www.imtechltd.com.
Secure Harbor Concerning Ahead-Wanting Statements
This press launch comprises forward-looking statements inside the which means of Part 27A of the Securities Act of 1933 and Part 21E of the Securities Trade Act of 1934, together with these concerning IMTE’s expectations, intentions, methods, and beliefs pertaining to future occasions or future monetary efficiency. Precise occasions or outcomes might differ materially from these within the forward-looking statements due to numerous necessary elements, together with these described within the Firm’s most up-to-date filings with the SEC. IMTE assumes no obligation to replace publicly any such forward-looking statements, whether or not due to new info, future occasions or in any other case. For a extra full description of the dangers that might trigger our precise outcomes to vary from our present expectations, please see the part entitled “Danger Elements” in IMTE’s annual reviews on Type 20-F and interim reviews on Type 6-Okay filed with the SEC, as such elements could also be up to date occasionally in IMTE’s periodic filings with the SEC, that are accessible on the SEC’s web site and at https://www.imtechltd.com.
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SOURCE Built-in Media Know-how Restricted
