Infobird Co., Ltd Regains Compliance with Nasdaq Minimum Bid Price Requirement

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Infobird Co., Ltd (NASDAQ: IFBD) has announced that it has regained compliance with the Nasdaq Capital Market's minimum bid price requirement after receiving a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC. The company was previously notified of its failure to maintain a minimum closing bid price of at least $1.00 per share for 30 consecutive trading days, but has now evidenced a closing bid price of its ordinary shares at or greater than $1.00 per share for at least 10 consecutive business days, resulting in Nasdaq considering the matter closed.

HONG KONG, Dec. 7, 2023 /PRNewswire/ – Infobird Co., Ltd (NASDAQ: IFBD) ("Infobird" or the "Company"), a software-as-a-service 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 December 5, 2023 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 September 12, 2023, the Company was 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 March 11, 2024, to regain compliance. Effective November 15, 2023, the Company effected a 1-for-20 share consolidation.

The Notice noted that as of December 5, 2023, the Company evidenced a closing bid price of its ordinary shares at or greater than $1.00 per share for at least 10 consecutive business days from November 20 through December 4, 2023. 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 Hong Kong, China, is a software-as-a-service provider of innovative AI-powered, or artificial intelligence enabled, customer engagement solutions. For more information, visit Infobird's website at www.Infobird.com.

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SOURCE Infobird Co., Ltd

What is the recent announcement from Infobird Co., Ltd (NASDAQ: IFBD)?

Infobird Co., Ltd (NASDAQ: IFBD) has regained compliance with the Nasdaq Capital Market's minimum bid price requirement after receiving a notification letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC.

What led to the company's non-compliance with Nasdaq Listing Rules?

The company was previously notified of its failure to maintain a minimum closing bid price of at least $1.00 per share for 30 consecutive trading days.

When did the company regain compliance with Nasdaq Listing Rule 5550(a)(2)?

The company evidenced a closing bid price of its ordinary shares at or greater than $1.00 per share for at least 10 consecutive business days from November 20 through December 4, 2023.

What was the impact of the 1-for-20 share consolidation?

Effective November 15, 2023, the Company effected a 1-for-20 share consolidation.

What is the deadline for the company to regain compliance with Nasdaq Listing Rules?

The company was given 180 days, or until March 11, 2024, to regain compliance.