IFBD) ("Infobird" or the "Company"), a software-as-a-service provider of AI-powered customer engagement solutions in China, today reports that as of May 16, 2024, it is delinquent in filing its annual report on Form 20-F for the fiscal year ended December 31, 2023 (the "2023 Form 20-F") with the U.S. Securities and Exchange Commission (the "SEC"). The Company previously filed a Form 12b-25 with the SEC on April 29, 2024 for the late filing of the 2023 Form 20-F, pursuant to which the 2023 Form 20-F was due to be filed by May 15, 2024. The Company expects to file the 2023 Form 20-F once the Company's financial statements for the fiscal year ended December 31, 2023 are finalized.
The Company also reports that on May 20, 2024, it received a notification letter from Nasdaq Listing Qualifications ("Nasdaq") stating that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) due to its failure to timely file the 2023 Form 20-F with the SEC.
The Nasdaq notification letter provides the Company 60 calendar days from the date of the notification, or until July 19, 2024, to submit a plan to Nasdaq to regain compliance with the Nasdaq's continued listing requirements. If the plan is accepted, Nasdaq can grant an exception of up to 180 calendar days, or until November 11, 2024, for the Company to regain compliance. The Company may regain compliance at any time during this 180-day period by filing its 2023 Form 20-F. If Nasdaq does not accept the Company's compliance plan, the Company will have the opportunity to appeal that decision to a Hearings Panel under Nasdaq Listing Rule 5815(a). The Company intends to provide a plan of compliance to Nasdaq on or before July 19, 2024.
The Nasdaq notification letter has no immediate effect on the listing of the Company's ordinary shares on the Nasdaq Stock Market. This announcement is made in compliance with Nasdaq Listing Rule 5810(b) which requires prompt disclosure of receipt of a deficiency notification.
About Infobird Co., Ltd
www.Infobird.com.
Forward-Looking Statements
SOURCE Infobird Co., Ltd
