SYDNEY and NEW YORK,
Oct. 16,
2023 /PRNewswire/ -- Integrated Media Technology
Limited (NASDAQ: IMTE) ("IMTE" or the "Company"), an Australia company that is engaged in the
businesses of the manufacturing and sale of electronic glass for
the USA markets, trading in Halal
products, the manufacture and sale of nano coated plates for
filters, and the trading of luxury products on its digital assets
trading platform, today announced it is going to effectuated a
1-for-10 share consolidation (the "Share Consolidation") of its
ordinary shares (the "Ordinary Shares") that will become effective
on October 16, 2023, at 11:59 p.m. Eastern Time. The
Company's Ordinary Shares will continue to trade on the Nasdaq
Capital Market ("Nasdaq") under the symbol "IMTE" and will begin
trading on a split-adjusted basis at the opening of the market
on October 17, 2023. The new CUSIP number for the Ordinary
Shares following the Share Consolidation will be Q49376124.
The Share Consolidation was approved by the Company's
stockholders at the special meeting of the stockholders
on September 29, 2023. As a result of the Share Consolidation,
every 10 shares of Ordinary Shares issued and outstanding will be
automatically combined into one share of Ordinary Shares. The Share
Consolidation will proportionately reduce the number of outstanding
shares of Ordinary Shares from approximately 21.4 million shares to
approximately 2.1 million shares and the ownership percentage of
each stockholder will remain unchanged other than as a result of
fractional shares.
No fractional shares of Ordinary Shares will be issued in
connection with the Share Consolidation. Stockholders that would
hold a fractional share of Ordinary Shares as a result of the Share
Consolidation will have such fractional shares of Ordinary Shares
rounded down to the nearest whole share of Ordinary Shares.
Among other considerations, the Share Consolidation is intended
to bring the Company into compliance with the minimum bid price
requirement for maintaining the listing of its Ordinary Shares on
Nasdaq, and to make the bid price more attractive to a broader
group of institutional and retail investors. Nasdaq requires, among
other things, that a listing company's ordinary shares maintain a
minimum bid price of at least $1.00
per share.
About Integrated Media Technology Limited
("IMTE")
IMTE is an Australian company engaged in the businesses of the
manufacturing and sale of electronic glass for the USA markets, trading in Halal products, the
manufacture and sale of nano coated plates for filters, and the
trading of luxury products on its digital assets trading platform.
For more information, please visit www.imtechltd.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including those
regarding IMTE's expectations, intentions, strategies, and beliefs
pertaining to future events or future financial performance. Actual
events or results may differ materially from those in the
forward-looking statements because of various important factors,
including those described in the Company's most recent filings with
the SEC. IMTE assumes no obligation to update publicly any such
forward-looking statements, whether because of new information,
future events or otherwise. For a more complete description of the
risks that could cause our actual results to differ from our
current expectations, please see the sections entitled but not
limited to, "Management's Discussion and Analysis of Financial
Condition and Results of Operations" and "Risk Factors" in IMTE's
annual reports on Form 20-F and interim reports on Form 6-K filed
with the SEC, as such factors may be updated from time to time in
IMTE's periodic filings with the SEC, which are accessible on the
SEC's website at www.sec.gov and at
http://www.imtechltd.com.
Investor Relations Contact:
Email: investors@imtechltd.com
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SOURCE Integrated Media Technology Limited