Taoping Inc. (NASDAQ:TAOP) stock is trading higher on Friday after the company announced it received an additional 180 days for compliance with the Nasdaq minimum bid price requirement.
The Details: The minimum bid price requirement is that the company's shares must have a closing price of at least $1.00 per share. To regain compliance, Taoping's shares must close at or above that price for 10 consecutive business days.
The company has until June 16 to achieve this. Taoping risks being delisted from the Nasdaq if the company does regain compliance by mid June.
What Else: At the start of December, Taoping announced it signed a non-binding letter of intent to acquire Shenzhen Yunti Internet of Things Co., Ltd.
Jianghuai Lin, Chairman and CEO of Taoping, said, "We are excited about the proposed acquisition of Yunti, which aligns strategically with our Smart City product portfolio, customer base, and geographic footprint. Upon deal closure and integration, we anticipate that this transaction will position our business to expand into higher growth, more profitable segments in the huge Chinese elevator equipment industry, with even more attractive long-term demand catalysts."
TAOP Price Action: At the time of writing, Taoping stock is trading 35.7% higher at 43 cents, according to data from Benzinga Pro.
Image: Photo via Shutterstock
