IMTE Announces Receipt of Deficiency Letter from Nasdaq

Rhea-AI Summary

Integrated Media Technology (NASDAQ: IMTE) has received a deficiency notice from Nasdaq on May 2, 2025, for failing to file its 2024 annual report (Form 20-F) on time. The company, which operates in Halal products trading, nano-coated filter plates, and electronic glass manufacturing, has until July 2, 2025 (60 days) to submit a compliance plan to Nasdaq. If the plan is accepted, IMTE could receive an extension until October 29, 2025, to regain compliance. The company attributes the delay to its auditors needing additional time to complete the financial audit. While the deficiency notice doesn't immediately affect IMTE's listing on the Nasdaq Capital Market, the company must address this compliance issue to maintain its listing status.

Positive

• None.

Negative

• Failed to file 2024 annual report (Form 20-F) on time, triggering Nasdaq compliance issues
• Auditors require additional time to complete financial audit, indicating potential complications
• Risk of delisting if compliance plan is not accepted or if company fails to meet extended deadline

Insights

Securities Regulation Expert

IMTE faces Nasdaq compliance issue for late annual filing; has clear remediation path but introduces regulatory uncertainty.

The deficiency letter from Nasdaq represents a formal regulatory warning that IMTE has fallen out of compliance with listing requirements by failing to file its 2024 annual report on Form 20-F. This triggers a structured remediation process with two key deadlines: July 2, 2025 to submit a compliance plan, and potentially October 29, 2025 as the ultimate deadline to file the report if Nasdaq accepts their plan.

This type of notification follows a standard regulatory protocol. While the company emphasizes there is no immediate impact on its Nasdaq listing status, the qualification of "immediate" is telling - non-compliance left unresolved could eventually lead to more serious consequences.

The company's explanation that their auditors require additional time to complete the audit is notably non-specific. Without further details, investors cannot determine whether this represents routine complexities or potentially more significant accounting matters.

For context, late filings of annual reports are concerning but not uncommon among smaller public companies. Most firms that actively engage with the compliance process typically maintain their listings. However, until the delayed report is filed, investors face an information gap regarding IMTE's current financial position and 2024 performance results.

Investors should closely monitor the July 2 deadline for the compliance plan submission and Nasdaq's subsequent determination about whether to grant the extended timeframe for remediation.

NEW YORK, May 8, 2025 /PRNewswire/ -- Integrated Media Technology Limited (NASDAQ: IMTE) ("IMTE" or the "Company"), an Australia company that is engaged in the businesses of the trading in Halal products, the manufacture and sale of nano coated plates for filters, and the manufacturing and sale of electronic glass, today announced that it has received notification letter dated May 2, 2025 (the "Deficiency Letter") from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (the "Nasdaq") notifying that the Company is no longer in compliance with the Nasdaq Listing Rule 5250(c)(1) for continued listing due to its failure to timely file its annual report on Form 20-F for the year ended December 31, 2024 (the "Annual Report") with the U.S. Securities and Exchange Commission.

Under the Nasdaq Listing Rule 5810(c)(2)(F)(i), the Company has until July 2, 2025 (that is, 60 calendar days from the date of the Deficiency Letter) to submit to Nasdaq a plan (the "Compliance Plan") to regain compliance with the Nasdaq Listing Rules. The Company intends to submit the Compliance Plan as soon as practicable.

Under the Nasdaq Listing Rule 5810(c)(2)(F)(ii), if Nasdaq accepts the Compliance Plan, Nasdaq can grant the Company an exception until October 29, 2025 (that is, up to 180 calendar days from the extended due date of the Annual Report) to regain compliance. The Company's independent registered public accounting firm will require additional time to conduct an audit of the Company's financial statements for the year ended December 31, 2024. The Company intends to file the Annual Report as soon as practicable.

The Deficiency Letter has no immediate impact on the listing of the Company's ordinary shares on the Nasdaq Capital Market.

This announcement is made in compliance with the Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a notification of deficiency.

About Integrated Media Technology Limited ("IMTE")

IMTE is an Australian company engaged in the businesses of the trading in Halal products, the manufacture and sale of nano coated plates for filters, and the manufacturing and sale of electronic glass. For more information, please visit www.imtechltd.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding IMTE's expectations, intentions, strategies, and beliefs pertaining to future events or future financial performance. Actual events or results may differ materially from those in the forward-looking statements because of various important factors, including those described in the Company's most recent filings with the SEC. IMTE assumes no obligation to update publicly any such forward-looking statements, whether because of new information, future events or otherwise. For a more complete description of the risks that could cause our actual results to differ from our current expectations, please see the sections entitled but not limited to, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in IMTE's annual reports on Form 20-F and interim reports on Form 6-K filed with the SEC, as such factors may be updated from time to time in IMTE's periodic filings with the SEC, which are accessible on the SEC's website at www.sec.gov and at www.imtechltd.com.

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SOURCE Integrated Media Technology Limited

FAQ

Why did IMTE receive a Nasdaq deficiency notice in May 2025?

IMTE received a Nasdaq deficiency notice for failing to timely file its 2024 annual report (Form 20-F) with the SEC, violating Nasdaq Listing Rule 5250(c)(1).

What is the deadline for IMTE to submit its compliance plan to Nasdaq?

IMTE has until July 2, 2025 (60 days from the deficiency notice) to submit its compliance plan to Nasdaq.

Will IMTE be immediately delisted from Nasdaq due to the deficiency notice?

No, the deficiency notice has no immediate impact on IMTE's listing on the Nasdaq Capital Market.

What is the maximum extension IMTE could receive to file its annual report?

If Nasdaq accepts IMTE's compliance plan, the company could receive an extension until October 29, 2025 (180 days from the original due date) to file its annual report.

What businesses does IMTE operate in?

IMTE operates in three main businesses: trading in Halal products, manufacturing nano-coated plates for filters, and manufacturing electronic glass.