NEW
YORK, July 27, 2023 /PRNewswire/ -- SMX
(Security Matters) plc (NASDAQ:SMX; SMXWW) announces that on
July 20, 2023, it received a
delinquency notification letter from the Listing Qualifications
Staff of the Nasdaq Stock Market LLC due to the Company's
non-compliance with Nasdaq Listing Rule 5550(a)(2), as the bid
price of the Company's ordinary shares on the Nasdaq Global Market
was below $1.00 for 30 consecutive
business days, from June 6, 2023 to
July 19, 2023.
The Company is addressing the delinquency and is preparing a
plan to regain compliance within the 180 calendar day compliance
period under Nasdaq rules. As previously announced, the Company has
called an Extraordinary General Meeting of Shareholders to be held
on Tuesday, August 1, 2023 at
10:00 a.m., Eastern time (subject to
adjournment), for all holders of record as of the July 5, 2023 record date (the "Meeting"). At the
Meeting, the Company is seeking shareholder approval to consolidate
every 22 ordinary shares of the Company in the authorized but
unissued and in the authorized and issued share capital of the
Company into one ordinary share with a nominal value of
US$0.0001 per share (the "Reverse
Split"). The Company expects to regain compliance with the Minimum
Bid Price Requirement as a result of the Reverse Split; however,
the Company can give no assurance that it will obtain requisite
shareholder approval at the Meeting to effect the Reverse
Split.
Please refer to the Company's Report on Form 6-K filed with the
Securities and Commission on July 21,
2023 for further information.
About SMX
As global businesses face new and complex challenges relating to
carbon neutrality and meeting new governmental and regional
regulations and standards, SMX is able to offer players along
the value chain access to its marking, tracking, measuring and
digital platform technology to transition more successfully to a
low-carbon economy.
Forward-Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not
limited to, statements regarding expectations, hopes, beliefs,
intentions, or strategies regarding the future. In addition, any
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The words
"anticipate," "believe," "contemplate," "continue," "could,"
"estimate," "expect," "forecast," "intends," "may," "will,"
"might," "plan," "possible," "potential," "predict," "project,"
"should," "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Forward-looking
statements in this press release may include, for example, the
Company's ability to regain compliance with applicable Nasdaq
standards or comply with the continued listing standards of Nasdaq
even if the Company regains compliance. These forward-looking
statements are based on information available as of the date of
this press release, and current expectations, forecasts and
assumptions, and involve a number of judgments, risks and
uncertainties. Accordingly, forward-looking statements should not
be relied upon as representing views as of any subsequent date, and
no obligation is undertaken to update forward-looking statements to
reflect events or circumstances after the date they were made,
whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws. As a
result of a number of known and unknown risks and uncertainties,
actual results or performance may be materially different from
those expressed or implied by these forward-looking statements.
Some factors that could cause actual results to differ include: the
ability to maintain the listing of the Company's shares on Nasdaq;
changes in applicable laws or regulations; the effects of the
COVID-19 pandemic on SMX's business; the ability to implement
business plans, forecasts, and other expectations, and identify and
realize additional opportunities; the risk of downturns and the
possibility of rapid change in the highly competitive industry in
which SMX operates; the risk that SMX and its current and future
collaborators are unable to successfully develop and commercialize
SMX's products or services, or experience significant delays in
doing so; the risk that the Company may never achieve or sustain
profitability; the risk that the Company will need to raise
additional capital to execute its business plan, which may not be
available on acceptable terms or at all; the risk that the Company
experiences difficulties in managing its growth and expanding
operations; the risk that third-party suppliers and manufacturers
are not able to fully and timely meet their obligations; the risk
that SMX is unable to secure or protect its intellectual property;
the possibility that SMX may be adversely affected by other
economic, business, and/or competitive factors; and other risks and
uncertainties described in SMX's filings from time to time with the
Securities and Exchange Commission.
Follow us through our social channel @secmattersltd
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SOURCE SMX
