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NEW YORK - Integrated Media Technology Limited (NASDAQ: IMTE), an Australian company with diverse business interests currently valued at $4.08 million, has been notified by the Nasdaq Stock Market of non-compliance with its listing rules. The notification, received on May 2, 2025, concerns the company’s failure to file its annual report for the fiscal year 2024 in a timely manner. InvestingPro data reveals the company’s overall financial health score stands at 1.22, rated as WEAK, with significant challenges ahead.
According to Nasdaq’s Listing Rule 5250(c)(1), listed entities are required to submit periodic financial reports. IMTE’s delay in filing its annual report on Form 20-F has triggered this notice of deficiency. However, the company has been given a deadline of July 2, 2025, to present a plan to regain compliance, as per Nasdaq Listing Rule 5810(c)(2)(F)(i). If the plan is accepted, IMTE could be granted an extension until October 29, 2025, to meet the listing requirements. The company’s next earnings report is scheduled for May 12, 2025, which investors will closely monitor given its recent performance showing negative EBITDA of $19.35 million.
The delay in filing is attributed to the need for additional time by IMTE’s independent registered public accounting firm to complete the audit of the financial statements for the year ended December 31, 2024. The company has expressed its intention to file the annual report as soon as the audit is complete.
Despite the deficiency letter, the trading of IMTE’s ordinary shares on the Nasdaq Capital Market remains unaffected at this time, though the stock has declined 4.8% year-to-date, currently trading at $1.12. The announcement was made in accordance with Nasdaq Listing Rule 5810(b), which mandates prompt disclosure of such notifications. InvestingPro analysis identifies several risk factors, including rapid cash burn and significant debt burden. Subscribers can access 12 additional key insights about IMTE’s financial position.
IMTE operates in various sectors, including the trading of Halal products, manufacturing nano coated plates for filters, and producing electronic glass. This setback comes as the company is working to ensure compliance and maintain its listing on the Nasdaq Capital Market.
The information in this article is based on a press release statement from Integrated Media Technology Limited.
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