HONG
KONG, Sept. 18, 2023 /PRNewswire/ -- Infobird
Co., Ltd (NASDAQ: IFBD) ("Infobird" or the "Company"), a
software-as-a-service provider of innovative AI-powered, or
artificial intelligence enabled, customer engagement solutions,
today announced that it received a delinquency notification letter
(the "Notice") from the Listing Qualifications Department of The
Nasdaq Stock Market LLC ("Nasdaq") on September 12, 2023 indicating that the Company is
not currently in compliance with the minimum bid price requirement
set forth in Nasdaq's 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
March 11, 2024, 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
March 11, 2024 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 March
11, 2024, 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 March 11, 2024, 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 Co., Ltd. (Nasdaq: IFBD), is a software-as-a-service
provider of innovative AI-powered, or artificial intelligence
enabled, customer engagement solutions. For more information,
please visit http://www.infobird.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar statements.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. Among other things, the business outlook and quotations
from management in this press release, as well as the Company's
strategic and operational plans, contain forward-looking
statements. The Company may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K,
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Forward-looking statements
involve inherent risks and uncertainties. A number of factors could
cause actual results to differ materially from those contained in
any forward-looking statement, including but not limited to the
following: the Company's goals and strategies; the Company's future
business development, financial condition and results of
operations; and the Company's expectations regarding demand for and
market acceptance of its products and services. Further information
regarding these and other risks is included in the Company's annual
report on Form 20-F and current report on Form 6-K and other
documents filed with the SEC. All information provided in this
press release is as of the date of this press release, and the
Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable
laws.
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SOURCE Infobird Co., Ltd