NEW YORK and SYDNEY - Integrated Media Technology Limited (NASDAQ: IMTE), an Australian company operating in various sectors including electronic glass manufacturing and Halal product trading, has been notified by the Nasdaq Stock Market Inc. of non-compliance with its listing rules. The company failed to file its annual report for the year ended December 31, 2023, on time.
The notice, known as the Deficiency Letter, was issued on May 17, 2024, and indicates that IMTE has not adhered to the Nasdaq Listing Rule 5250(c)(1), which mandates the timely filing of annual reports with the U.S. Securities and Exchange Commission. Despite the notice, the trading of IMTE's ordinary shares on the Nasdaq Capital Market remains unaffected.
IMTE must now submit a Compliance Plan by July 16, 2024, to outline how it will regain compliance with the Nasdaq's requirements. If the plan is accepted, Nasdaq may grant an extension until November 11, 2024, for the company to fulfill its obligations.
The company has stated that the delay in filing is due to its independent registered public accounting firm requiring additional time to conduct an audit of the financial statements for the year in question. IMTE plans to file the Annual Report as quickly as possible and is committed to regaining compliance within the given timeframe.
The information in this article is based on a press release statement from Integrated Media Technology Limited.
InvestingPro Insights
Integrated Media Technology Limited's (NASDAQ: IMTE) recent non-compliance notification from Nasdaq has put the spotlight on the company's financial health and market performance. To provide a clearer picture of IMTE's current financial landscape, here are some key metrics and insights from InvestingPro:
InvestingPro Data:
- Market Cap (Adjusted): 4.32M USD
- Price / Book as of Q2 2023: 0.16
- Revenue Growth as of Q2 2023: -155.98%
These metrics suggest that IMTE is a small-cap company with a low Price / Book multiple, which can sometimes indicate that a company's assets are potentially undervalued by the market. However, the negative revenue growth rate raises concerns about the company's ability to grow its business and maintain financial stability.
InvestingPro Tips:
- IMTE is operating with a significant debt burden and may have trouble making interest payments on its debt, which could be a contributing factor to the delay in filing its annual report.
- The company has been trading at high price volatility, which may reflect investor uncertainty about its future prospects.
For investors seeking more detailed analysis, there are additional InvestingPro Tips available, which can provide further insights into IMTE's financial health and market position. For instance, the company's valuation implies a poor free cash flow yield, and it has not been profitable over the last twelve months. There are a total of 13 InvestingPro Tips for IMTE, which can be accessed through InvestingPro's platform.
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