MICT (MICT) Receives Nasdaq Non-Compliance Notice

May 24, 2022 4:50 PM EDT
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MICT, Inc. (Nasdaq: MICT) today announced that it received written notice (the “Notice”) from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) notifying the Company that it was not in compliance with the requirements of Nasdaq Listing Rule 5250(c)(1) as a result of not having timely filed its Quarterly Report on Form 10-Q for the period ended March 31, 2022 (“Q1 Form 10-Q”).

The Notice has no immediate effect on the listing or trading of MICT’s common stock on the Nasdaq Capital Market. Under the Nasdaq Rules the Company has until June 20, 2022 to file the Q1 Form 10-Q with the SEC or submit a plan to regain compliance with Rule 5250(c)(1). If the Company is unable to file the Q1 Form 10-Q with the SEC by June 20, 2022 but has submitted to Nasdaq its plan to regain compliance and had it accepted, then Nasdaq can grant the Company up to 180 calendar days from the due date of the Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”), or until October 12, 2022, to regain compliance.

As previously disclosed, the reason for the failure to timely file its fourth quarter and year-end 2021 Form 10-K, which in turn is preventing the timely filing of its Q1 2022 Form 10-Q, is because of the extremely strict COVID-19 lockdown protocols imposed throughout large parts of China. Such COVID-19 lockdown protocols have prevented the completion of audit fieldwork, as required under PCAOB auditing standards, at branch offices in three provinces. The Company plans to file its fourth quarter and year-end 2021 Form 10-K as soon as possible, followed by its Q1 Form 10-Q shortly thereafter, prior to the June 20, 2022 deadline prescribed by Nasdaq.

Darren Mercer, MICT CEO commented, “While the delays on our December 31, 2021 audit completion continue to be a source of frustration, we are pleased that significant progress has been made over the last ten days and, as a result, we believe that our 10-K will be filed well before Nasdaq’s required deadline. We will announce the date of the earnings call in the coming days. Furthermore, our first quarter 10-Q shall be filed shortly thereafter.”

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