Taoping Inc. (NASDAQ:TAOP) shares fell 16.06% to $0.33 in after-hours trading Wednesday after the company said it received a Nasdaq notification about a minimum bid price deficiency.
Taoping provides cloud-based smart city, Internet of Things and intelligent infrastructure solutions.
Nasdaq Notice Details
According to a press release published Wednesday, the company received a written letter from Nasdaq on Oct. 13. The letter said Taoping is not in compliance with the rule requiring listed shares to keep a minimum bid price of $1.00.
The company said it no longer meets the requirement based on its closing bid price over the 30 consecutive business days from Aug. 31 through Oct. 12.
Taoping has 180 calendar days, or until April 12, 2027, to regain compliance. The company said Nasdaq will confirm compliance in writing if its closing bid price is at least $1.00 for a minimum of 10 consecutive business days in that time.
The company said the letter has no immediate effect on the listing, and its shares will continue to trade on Nasdaq under the ticker "TAOP". It said it intends to monitor the closing bid price and may consider available options to regain compliance.
Trading Metrics, Technical Analysis
Taoping has a market capitalization of approximately $3.67 million.
Over the past year, Taoping shares have fallen 86.87%.
The stock has traded between a 52-week high of $3.13 and a low of $0.37.
Benzinga’s Edge Stock Rankings show a negative price trend across short-, medium- and long-term time frames.
Price Action: In the regular session, Taoping shares fell 1.95% to close at $0.39 on Wednesday.
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