Color Star Technology Co.,Ltd. (Nasdaq: ADD) (“Color Star” or the “Company”), an entertainment technology company with a global network focused on the application of technology and artificial intelligence in the entertainment industry, announced today that the Company will on December 22, 2022, Received a notification letter from The NASDAQ Stock Market LLC (“Nasdaq”) from the Nasdaq Listing Qualifications Staff notifying the Company that the minimum bid price per share for its common shares has been below $1.00 for a period of 30 consecutive business days and the Company therefore no longer meets the minimum bid price requirements under Nasdaq Listing Rule 5550(a)(2).
The notification received has no immediate effect on the listing of the Company’s common stock on the Nasdaq. Under the Nasdaq Listing Rules, the Company has until June 20, 2023, to restore compliance. If at any time during that 180-day period the closing price of the Company’s common stock is $1.00 or more for at least 10 consecutive business days, Nasdaq will provide the Company with written confirmation of its restoration of compliance.
If the company does not regain the requirements during this 180-day period, the company may be eligible for an additional 180 calendar days provided the company meets the continued listing requirement for the market value of publicly held shares and all other initial listing standards for Nasdaq other than Nasdaq Listing Rule 5550(a)(2), and provide written notice of its intention to remedy this deficiency during the second compliance period by conducting a reverse stock split, if necessary.