PHOENIX MOTOR INC. (PEVM): Nasdaq/NYSE listing notice — Phoenix Motor fails to regain Nasdaq minimum bid price compliance; requests second 180-day extension

PHOENIX MOTOR INC.

Company unable to meet $1.00 minimum bid price closing requirement by October 16, 2023 deadline.
Received initial deficiency notice from Nasdaq on April 18, 2023; first 180-day period expired.
Requested a second 180-day compliance period through April 17, 2024 under Nasdaq rules.
Believes it meets continued listing standards including stockholders' equity >$5 million threshold.
Nasdaq will decide on extension; denial could result in delisting of Common Stock (PEV).

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

PHOENIX MOTOR INC. received a nasdaq noncompliance notice notice regarding minimum bid price (rules 5450(a)(1), 5810(c)(3)(A)).

Exchange: nasdaq
Notice: noncompliance notice
Deficiency: minimum bid price
Rules: 5450(a)(1), 5810(c)(3)(A)

Exact text from the filing

October 16, 2023, to regain compliance with the Bid Price Rule. To regain compliance, the closing bid price of the Common Stock must have been $1.00 or more per share for a minimum of 10 consecutive business days at any time before October 16, 2023. The Company was unable to regain compliance with the Bid Price Rule by October 16, 2023. The Company has requested under the applicable Nasdaq listing rules for a second 180 calendar day compliance period through April 17, 2024. In order to be granted the second 180 day compliance period, with the exception of the minimum bid price requirement, the

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Source: SEC EDGAR

accession 0001104659-23-109368

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