NEW YORK, Oct. 28, 2021
/PRNewswire/ -- 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."
About Color Star Technology
Color Star Technology Co, Ltd. (Nasdaq CM: CSCW) is an
entertainment and education company that provides online
entertainment performances and online music education services. Its
business operations are conducted through its wholly-owned
subsidiaries Color China Entertainment Ltd. and CACM Group NY, Inc.
The Company's online education is provided through its Color World
music and entertainment education platform. More information about
the Company can be found at www.colorstarinternational.com.
Forward-Looking Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate" or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Forward-looking statements are
not guarantee of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's
future business development, including cooperation to locate
suitable venues; product and service demand and acceptance; the
Company's ability to return to and maintain compliance with Nasdaq
continued listing requirements; changes in technology; economic
conditions; the growth of the educational and training services
market in China and other countries where
CSCW conducts its business; reputation and brand; the impact of
competition and pricing; government regulations; fluctuations in
general economic and business conditions and assumptions underlying
or related to any of the foregoing and other risks contained in
reports filed by the Company with the Securities and Exchange
Commission. For these reasons, among others, investors are
cautioned not to place undue reliance upon any forward-looking
statements in this press release. Additional factors are discussed
in the Company's filings with the U.S. Securities and Exchange
Commission, which are available for review
at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward–looking statements to
reflect events or circumstances that arise after the date hereof
unless required by applicable laws, regulations or rules.
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SOURCE Color Star Technology Co., Ltd.