BEIJING, Oct. 7, 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 notification letter (the
"Notice") from the Listing Qualifications Department of The Nasdaq
Stock Market LLC ("Nasdaq") on October 6,
2022 notifying the Company that it has regained compliance
with the Nasdaq Capital Market's minimum bid price requirement and
that the matter is now closed.
On March 28, 2022, the
Company was first notified by Nasdaq of its failure to maintain a
minimum closing bid price of at least $1.00 per share for 30 consecutive trading days
under Nasdaq Listing Rules 5550(a)(2) and 5810(c)(3)(A), and was
given 180 days, or until September 26, 2022, to regain compliance.
On September 27, 2022, the Company received a 180-day extension
from Nasdaq, or until March 27, 2023, to regain compliance.
Effective September 9, 2022, the Company effected a 1-for-5 share
consolidation.
The Notice noted that as of October 6, 2022, the Company
evidenced a closing bid price of its ordinary shares at or greater
than $1.00 per share from
September 9, 2022 through
October 5, 2022. Accordingly, the
Company has regained compliance with Nasdaq Listing Rule
5550(a)(2), and Nasdaq considers the matter closed.
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