Taoping announces 1-for-30 reverse stock split

Taoping (TAOP) announced that the board of directors of the Company approved a one-for-thirty reverse stock split of the Company’s issued and outstanding ordinary shares, no par value. Beginning May 29 the Company’s Ordinary Shares will be trading on a split-adjusted basis under the same symbol “TAOP” but with new CUSIP number, G8675V135. As a result of the share consolidation, each thirty 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. 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.