MUMBAI, INDIA, March 30, 2023 (GLOBE NEWSWIRE) -- Lytus Technologies Holdings PTV. Ltd. (the “Company”) (NASDAQ:LYT), a platform technology services company, today announced that on March 24, 2023, Lytus Technologies Holdings PTV. Ltd. (the “Company”) received a letter (the “Nasdaq Staff Deficiency Letter”) from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, for the last thirty consecutive business days, the bid price for the Company’s common shares had closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2).

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, or until September 20, 2023, to regain compliance. The letter states that the Nasdaq staff will provide written notification that the Company has achieved compliance with Rule 5550(a)(2) if at any time before September 20, 2023, the bid price of the Company’s common stock closes at $1.00 per share or more for a minimum of ten (10) consecutive business days. The Nasdaq Staff Deficiency Letter has no immediate effect on the listing or trading of the Company’s common stock.

The Company intends to monitor the bid price of its common stock and consider available options if its common stock does not trade at a level likely to result in the Company regaining compliance with Nasdaq’s minimum bid price rule by September 20, 2023.

If the Company does not regain compliance with Rule 5550(a)(2) by September 20, 2023, the Company may be eligible for an additional 180 calendar day compliance period. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period, for example, by effecting a reverse stock split, if necessary. However, if it appears to the Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq would notify the Company that its securities would be subject to delisting. In the event of such a notification, the Company may appeal the Nasdaq staff’s determination to delist its securities. There can be no assurance that the Company will be eligible for the additional 180 calendar day compliance period, if applicable, or that the Nasdaq staff would grant the Company’s request for continued listing subsequent to any delisting notification.

About Lytus Technologies Holdings PTV. Ltd.

Lytus Technologies Holdings PTV. Ltd. is a growing platform services company. The Company’s business model consists primarily of distribution of linear content streaming/telecasting services and development of telemedicine products. The Company’s platform provides customers with a one-stop site with access to all of the services provided by the Company. Additional information regarding the Company may be found on its website at www.lytuscorp.com.

Forward Looking Statements

Statements in this press release regarding the Company that are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not directly or exclusively relate to historical facts. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” “predicts,” “potential,” or the negative of those terms, and similar expressions and comparable terminology. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these expectations may not be achieved. Forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to known and unknown risks, uncertainties and other factors outside of our control that could cause our actual results, performance or achievement to differ materially from those expressed or implied by these forward-looking statements.

CONTACT:

Rajeev Kheror
Lytus Technologies Holdings PTV. Ltd.
[email protected]

MUMBAI, INDIA, Nov. 16, 2022 (GLOBE NEWSWIRE) -- Lytus Technologies Holdings PTV. Ltd. (the “Company”) (NASDAQ:LYT), a platform technology services company with nearly eight million users and with operations in the United States and India, announced today that it closed on a funding round with an institutional investor involving the issuance of notes and warrants, resulting in gross proceeds of $3 million.

Lytus Technologies Holdings PTV. Ltd. provides content streaming/telecasting services to users in India. The company operates through two segments, cable business and telemedicine services.  The company offers subscription-based video services and internet services to customers throughout India comprising 450 linear channels, as well as educational channels customized for local educational boards for schools.

“We have been incredibly fortunate to work with some of the most dynamic treasury teams and underwriters” said Dharmesh Pandya Founder and CEO of Lytus Technologies.  “This successful round of fundraising, on the heels of our successful IPO earlier this year, substantiates the faith that investors have in our business model.  With this additional infusion of funds into the business, over the next several months Lytus will be able to upgrade the technology services for its streaming and telemedicine businesses whilst expanding its customer base.”

Spartan Capital Securities, LLC acted as exclusive placement agent for the offering.

The notes and warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act"), and Regulation D promulgated thereunder and, along with the common shares underlying the notes and warrants, have not been registered under the Act, or applicable state securities laws. Accordingly, the notes, warrants and underlying common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Lytus Technologies, Inc.

Lytus Technologies Holdings PTV. Ltd. is a growing platform services company that currently has eight million active users located all across India. The Company’s business model consists primarily of distribution of linear content streaming/telecasting services and development of telemedicine products. The Company’s platform provides customers with a one-stop site with access to all of the services provided by the Company. Additional information regarding the Company may be found on its website at www.lytuscorp.com.

Forward-Looking Statements

Statements in this press release regarding the Company that are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not directly or exclusively relate to historical facts. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” “predicts,” “potential,” or the negative of those terms, and similar expressions and comparable terminology. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these expectations may not be achieved. Forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to known and unknown risks, uncertainties and other factors outside of our control that could cause our actual results, performance or achievement to differ materially from those expressed or implied by these forward-looking statements.

Contact Information:

Rajeev Kheror
Lytus Technologies Holdings PTV. Ltd.
[email protected]

MUMBAI, INDIA, Sept. 30, 2022 (GLOBE NEWSWIRE) -- Lytus Technologies Holdings PTV. Ltd. (the “Company”) (NASDAQ:LYT), a platform technology services company with nearly eight million users and with operations in the United States and India, today announced that on September 22, 2022, it received a written notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market (“NASDAQ”) indicating that the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1) for continued listing (the “Rule”) because the Company had not yet filed its Annual Report of Foreign Private Issuer on Form 20-F for the fiscal year ended March 31, 2022 (the “Form 20-F”). The Notice provides that the Company has until October 24, 2022 to submit a plan to regain compliance with NASDAQ’s continued listing requirements.

On September 28, 2022, the Company filed the Form 20-F, and on September 29, 2022, the Company received a second letter from NASDAQ stating that based on the September 28, 2022 filing of the Company’s Form 20-F, NASDAQ has determined that the Company complies with the Rule. Accordingly, NASDAQ informed the Company that it now considers this matter closed.

About Lytus Technologies Holdings PTV. Ltd.

Lytus Technologies Holdings PTV. Ltd. is a growing platform services company that currently has eight million active users located all across India. The Company’s business model consists primarily of distribution of linear content streaming/telecasting services and development of telemedicine products. The Company’s platform provides customers with a one-stop site with access to all of the services provided by the Company. Additional information regarding the Company may be found on its website at www.lytuscorp.com.

Forward Looking Statements

Statements in this press release regarding the Company that are not historical facts are forward-looking statements and are subject to risks and uncertainties that could cause actual future events or results to differ materially from such statements. Any such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not directly or exclusively relate to historical facts. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” “predicts,” “potential,” or the negative of those terms, and similar expressions and comparable terminology. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these expectations may not be achieved. Forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to known and unknown risks, uncertainties and other factors outside of our control that could cause our actual results, performance or achievement to differ materially from those expressed or implied by these forward-looking statements.

CONTACT:

Rajeev Kheror
Lytus Technologies Holdings PTV. Ltd.
[email protected]