HONG
KONG, March 17, 2023 /PRNewswire/ -- Taoping
Inc. (NASDAQ: TAOP, the "Company" or "Taoping") today announced
that on March 16, 2023, it received a
letter 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
September 11, 2023 (the "Additional
Compliance Period"). The Additional Compliance Period was granted
because the Company meets the continued listing requirement for
market value of publicly held shares and all other applicable
requirements for initial listing on the Nasdaq Capital Market with
the exception of the bid price requirement, and the Company's
written notice to Nasdaq of its intention to cure the deficiency
during the Additional Compliance Period by effecting a reverse
stock split, if necessary. The notification 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".
To regain compliance with Nasdaq's minimum bid price
requirement, the closing bid price of the Company's ordinary shares
needs to be at least $1.00 per share
or greater for at least ten consecutive business days by
September 11, 2023, at which time
Nasdaq will provide the Company a written confirmation of
compliance and the matter will be closed.
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. To learn more, please visit www.taop.com.
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 due to our
limited operating history of providing blockchain technology and
smart cloud services, the effects of the global Covid-19 pandemic,
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 TAOP 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.