PHOENIX MOTOR INC. (PEVM): Nasdaq/NYSE listing notice — Phoenix Motor receives Nasdaq deficiency notice for bid price below $1; 180-day cure period until Oct 9

PHOENIX MOTOR INC.

On April 12, 2024, Phoenix Motor received a Nasdaq Deficiency Letter for non-compliance with Minimum Bid Price Requirement (closing bid price below $1 for 30 consecutive business days).
Company has 180 calendar days, until October 9, 2024, to regain compliance by closing at $1.00 or more for 10 consecutive business days.
If not compliant by Oct 9, Company may be eligible for an additional 180 days if it meets other listing standards and plans a reverse stock split.
Common stock (PEV) continues to trade on Nasdaq Capital Market; delisting risk remains if deficiency is not cured.
Company intends to monitor bid price and evaluate options but provides no assurance of regaining compliance.

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 deficiency notice notice regarding minimum bid price (rules 5550(a)(2), 5810(c)(3)(A)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5550(a)(2), 5810(c)(3)(A)

Exact text from the filing

April 12, 2024, Phoenix Motor Inc. (the “Company”) received a letter (the “Deficiency Letter”) from the staff from the Nasdaq Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, based upon the closing bid price of the Company’s common stock for the last 30 consecutive business days, the Company was not in compliance with the requirement to maintain a minimum bid price of $1 per share, as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”). The Deficiency Letter has no immediate effect on the listing of the Com

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Source: SEC EDGAR

accession 0001104659-24-047807

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