NFT Ltd. Receives Deficiency Letter from NYSE American, Works on Compliance Measures
Hong Kong, Sept. 22, 2023 – NFT Ltd. (NYSE American: MI), a leading online trading platform operator for international art and collectibles, recently announced that it had received a deficiency letter from NYSE American LLC (NYSE American) on September 19, 2023. The letter stated that the company is not in compliance with the continued listing standards set forth in Section 1003(f)(v) of the NYSE American Company Guide.
The specific reason for non-compliance mentioned in the letter is that NFT’s securities have been trading at a low price per share for a substantial period of time. Consequently, the NYSE American staff has determined that the company’s continued listing depends on demonstrating sustained price improvement within a reasonable period or conducting a reverse stock split of its securities. The staff has provided a deadline of March 19, 2024, for the company to meet these requirements.
However, it is important to note that the receipt of the deficiency letter does not have an immediate impact on the listing or trading of NFT’s Class A Ordinary Shares. The company’s securities will continue to trade on the NYSE American under the symbol “MI”. Additionally, the letter does not lead to an immediate delisting of the company’s common stock from the exchange. Furthermore, this situation does not affect NFT’s business operations or reporting obligations with the Securities and Exchange Commission.
NFT is actively engaged in discussions with the NYSE American and is working on developing plans to regain compliance with the exchange’s continued listing standards within the given cure period. The company aims to undertake measures that are in the best interests of the company and its shareholders.
NFT Limited, formerly known as Takung Art Co., Ltd., is an online electronic platform (www.nftoeo.com) that facilitates the offering and trading of digital artwork. The platform enables artists, art dealers, and owners to access a broader art trading market and engage with a wide range of investors. NFT generates revenue through its platform by providing services related to the offering and trading of artwork, including listing fees, trading commissions, and management fees.
It is important to note that certain statements in this press release may constitute forward-looking statements within the meaning of the Federal Securities Act. These statements involve forecasts, prospects, and forward-looking statements and are not performance guarantees. NFT advises that forward-looking statements are subject to various assumptions, risks, and uncertainties that can change over time. These risks and uncertainties are described by NFT in its filings with the Securities and Exchange Commission (SEC).
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About NFT Ltd
NFT Ltd, formerly known as Takung Art Co Ltd., operates an online electronic platform (www.nftoeo.com) for offering and trading digital artwork. The platform allows artists, art dealers, and owners to access a larger art trading market and engage with a diverse range of investors. NFT generates revenue through services related to the offering and trading of artwork on its platform, such as listing fees, trading commissions, and management fees. For more information, please visit: www.nftoeo.com.