MONTVALE, N.J., Feb. 02, 2022 (GLOBE NEWSWIRE) — MICT, Inc. (Nasdaq: MICT), (the “Company”), today announces its receipt of a Notification Letter from Nasdaq that its stock has been under a minimum bid price of $1.00 for a period of 30 days. The Company has been given 180 calendar days to regain its compliance and achieve a closing bid price of at least $1.00 per share for a minimum of 10 consecutive trading days.
MICT CEO Darren Mercer commented, “The current market conditions have been particularly difficult for companies such as ours in the microcap sector. However, we are confident that we will regain compliance with Nasdaq.
“This confidence is based on a number of factors that we believe will be instrumental to our success, not least of which is our considerable cash balance, which stood at $105 million on our September 30, 2021 balance sheet. Additionally, we are very excited about the performance of our insurance business and stock trading platform.
The strong potential of both of these businesses, together with our exceptionally strong cash balance has enabled us to engage with a number of significant and profitable acquisition targets. As previously disclosed, we are actively pursuing numerous expansion opportunities that have established business operations, are profitable and provide substantial value-accretion to our stockholders. The increase in common shares recently approved has been pivotal in allowing us to engage with larger acquisition targets. We believe strongly in our ability to deliver significant and tangible value to our stockholders and anticipate both a resolution to the stock price issue and the introduction of new growth opportunities in due course.” concluded Mr. Mercer.
According to the Notification Letter, should the Company not regain compliance by July 26, 2022, an additional 180 days may be granted to regain compliance, so long as the Company meets the Nasdaq Capital Market continued listing requirements (except for the bid price requirement) and notifies Nasdaq in writing of its intention to cure the deficiency during the second compliance period. If the Company does not qualify for the second compliance period or fails to regain compliance during the second 180-day period, then Nasdaq will issue a de-listing determination, at which point the Company will have an opportunity to appeal the delisting determination to a Hearings Panel.
About MICT, Inc.
MICT, Inc. (NasdaqCM: MICT) operates through its subsidiaries, GFH Intermediate Holdings Ltd (“GFHI”), its various fully owned subsidiaries or VIE structures. GFHI’s versatile proprietary trading technology platform is designed to serve a large number of high growth sectors in the global fintech space. Primary areas of focus include online brokerage for equities trading and sales of insurance products in several high-growth foreign markets including Asia where GFH owns a substantial propriety database of users.
This press release contains express or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities laws. All statements other than statements of historical fact contained in this press release are forward-looking statements. The words “believe,” “may” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, business prospectus, growth strategy and liquidity. Such forward-looking statements and their implications involve known and unknown risks, uncertainties and other factors that may cause actual results or performance to differ materially from those projected. The forward-looking statements contained in this press release are subject to other risks and uncertainties, including those discussed in the “Risk Factors” section and elsewhere in the Company’s annual report on Form 10-K for the year ended December 31, 2020 and in subsequent filings with the Securities and Exchange Commission. Except as otherwise required by law, the Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
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