Benzinga | Oct 28, 2021 05:26PM EDT

Color Star Technology Co., Ltd. Announces Receipt Of Continued Listing Standards Letter From Nasdaq

Color Star Technology Co., Ltd. (NASDAQ:CSCW) (hereinafter referred to as "Color Star" or the "Company"), an entertainment technology company with a global network that focuses on the application of technology and artificial intelligence (AI) in the entertainment industry, today announced that on October 27, 2021, it received a letter from The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that it is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2) because the closing bid price of the Company's ordinary shares was below $1.00 per share for a period of 30 consecutive business days. This press release is issued pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. 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 "CSCW".

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a compliance period of 180 calendar days, or until April 25, 2022 (the "Compliance Period"), to regain compliance with Nasdaq's minimum bid price requirement. If at any time during the Compliance Period, the closing bid price per share of the Company's ordinary shares is at least $1.00 for a minimum of 10 and up to 20 consecutive business days, Nasdaq will provide the Company a written confirmation of compliance and the matter will be closed. If the Company does not regain compliance with the minimum bid price requirement within 180 calendar days, the Company may be eligible for additional time, assume the absence of other deficiencies.

Mr. Basil Wilson, CEO of Color Star, commented: "We are committed to regaining Nasdaq compliance. We care about our Nasdaq Capital Market listing and the value, prestige, and access to capital that it provides us and the platform it provides our shareholders. Color Star wishes to assure its investors and other constituencies that we plan to take all necessary and reasonable steps to maintain a listing on the Nasdaq stock exchange."