SHENZHEN, China, July 31,
2023 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP,
the "Company" or "Taoping"), today announced that the board of
directors of the Company approved a one-for-ten reverse stock split
of the Company's issued and outstanding ordinary shares, no par
value (the "Ordinary Shares"). Beginning August 1, 2023, the Company's Ordinary Shares
will be trading on a split-adjusted basis under the same symbol
"TAOP" but with new CUSIP number, G8675V 127.
As a result of the share consolidation, each ten Ordinary Shares
outstanding will automatically combine and convert to one issued
and outstanding Ordinary Share without any action on the part of
shareholders who hold their shares in brokerage accounts or "street
name". Shareholders holding certificates of Ordinary Shares are
expected to receive instructions from the Company's transfer agent,
Transhare Corporation, regarding procedures for exchanging share
certificates. All outstanding options, warrants and other rights to
purchase the Company's Ordinary Shares will be adjusted
proportionately as a result of the reverse stock split. No
fractional shares will be issued as a result of the reverse stock
split, and instead, all such fractional shares resulting from the
reverse stock split will be rounded up to the nearest whole
share.
The reverse stock split is intended to increase the per share
trading price of the Ordinary Shares to satisfy the $1.00 minimum bid price requirement for continued
listing on the NASDAQ Stock Market. Following the reverse stock
split the Company will have approximately 1.86 million Ordinary
Shares issued and outstanding, exclusive of shares issuable under
outstanding options and warrants. The reverse stock split
will not affect the number of total authorized Ordinary Shares of
the Company.
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully
leveraging technology in the development of innovative solutions to
help customers in both the private and public sectors to more
effectively communicate and market to their desired targets. The
Company has built a far-reaching city partner ecosystem and
comprehensive portfolio of high-value, high-traffic areas for its
products, which are aligned together with Taoping's smart cloud
platform, cloud services and solutions, new media and artificial
intelligence. For more information about Taoping, please
visit www.taop.com. You can also follow us
via LinkedIn, Twitter or YouTube.
Safe Harbor Statement
This press release contains "forward-looking statements" that
involve substantial risks and uncertainties. All statements other
than statements of historical facts contained in this press
release, such as statements regarding our estimated future results
of operations and financial position, our strategy and plans, and
our objectives or goals, are forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
and Section 21E of the Securities Exchange Act of 1934, as amended.
We have attempted to identify forward-looking statements by
terminology including "anticipates," "believes," "can," "continue,"
"could," "estimates," "expects," "intends," "may," "plans,"
"potential," "predicts," "should," or "will" or the negative of
these terms or other comparable terminology. Our actual results may
differ materially or perhaps significantly from those discussed
herein, or implied by, these forward-looking statements. There
are a significant number of factors that could cause actual results
to differ materially from statements made in this press release,
including: our potential inability to achieve or sustain
profitability or reasonably predict our future results due to our
limited operating history of providing smart cloud services, the
effects of the global Covid-19 pandemic, the emergence of
additional competing technologies, changes in domestic and foreign
laws, regulations and taxes, uncertainties related
to China's legal system and economic, political and
social events in China, the volatility of the securities
markets; and other risks including, but not limited to, those that
we discussed or referred to in the Company's disclosure documents
filed with the U.S. Securities and Exchange Commission (the "SEC")
available on the SEC's website at www.sec.gov, including the
Company's most recent Annual Report on Form 20-F as well as in our
other reports filed or furnished from time to time with the SEC.
The forward-looking statements included in this press release are
made as of the date of this press release and the Company
undertakes no obligation to publicly update or revise any
forward-looking statements, other than as required by applicable
law.
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SOURCE Taoping Inc.