BEIJING, March 31, 2022 /PRNewswire/ -- Infobird Co., Ltd
(NASDAQ: IFBD) ("Infobird" or the "Company"), a leading provider of
AI-powered customer engagement solutions in China, today
announced that it received a delinquency notification letter (the
"Notice") from the Listing Qualifications Department of The Nasdaq
Stock Market LLC ("Nasdaq") on March 28,
2022 indicating that the Company is not currently in
compliance with the minimum bid price requirement set forth in
Nasdaq's Listing Rules ("Listing Rules") for continued listing on
the Nasdaq Capital Market, as the closing bid price for the
Company's ordinary shares listed on the Nasdaq Capital Market was
below $1.00 per share for 30
consecutive business days. Nasdaq Listing Rule 5550(a)(2) requires
listed securities to maintain a minimum bid price of $1.00 per share, and Nasdaq Listing Rule
5810(c)(3)(A) provides that a failure to meet the minimum bid price
requirement exists if the deficiency continues for a period of 30
consecutive business days. The Notice provides that the Company has
a period of 180 calendar days from the date of the Notice, or until
September 26, 2022, to regain compliance with the minimum bid price
requirement.
The Notice has no immediate effect on the listing of the
Company's securities. Pursuant to the Notice, the Company has until
September 26, 2022 to regain
compliance with the minimum bid price requirement, during which
time the Company's ordinary shares will continue to trade on the
Nasdaq Capital Market. If at any time before September 26, 2022, the bid price of the
Company's ordinary shares closes at or above $1.00 per share for a minimum of 10 consecutive
business days, Nasdaq will provide written confirmation of
compliance to the Company. In the event that the Company does not
regain compliance by September 26,
2022, the Company may be eligible for additional time to
regain compliance or may face delisting.
The Company intends to monitor the closing bid price of its
ordinary shares and will continue to consider its available options
to address the deficiency during the compliance period.
About Infobird Co., Ltd
Infobird, headquartered in Beijing,
China, is a software-as-a-service provider of innovative
AI-powered, or artificial intelligence enabled, customer engagement
solutions in China. For more
information, visit Infobird's website at www.Infobird.com.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Words such as "will, "future," "expects," "believes," and
"intends," or similar expressions, are intended to identify
forward-looking statements. Statements that are not historical
facts, including statements about the Company's beliefs and
expectations, are forward-looking statements. All forward-looking
statements are inherently uncertain as they are based on current
expectations and assumptions concerning future events, results,
conditions or performance of the Company. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
are only predictions and speak only as of the date they are made.
In evaluating such statements, investors and prospective investors
should review carefully various risks and uncertainties and other
matters identified in the Company's filings with the U.S.
Securities and Exchange Commission. These risks and uncertainties
could cause the Company's actual results to differ materially from
those indicated in the forward-looking statements. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by law.
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SOURCE INFOBIRD