PHOENIX MOTOR INC. (PEVM): Nasdaq/NYSE listing notice — Phoenix Motor receives Nasdaq deficiency letter for negative stockholders' equity

PHOENIX MOTOR INC.

Reported stockholders' equity of ($4,839,000) as of Dec 31, 2023, below Nasdaq's $2,500,000 minimum.
Must submit a plan by June 3, 2024; if accepted, Nasdaq may grant up to 180 days to regain compliance.
Common stock continues trading on The Nasdaq Capital Market under symbol PEV with no immediate effect.
No assurance that the plan will be accepted or that compliance can be achieved.

item 3.01

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 stockholders equity (rules 5550(b)(1)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: stockholders equity
Rules: 5550(b)(1)

Exact text from the filing

April 17, 2024, Phoenix Motor Inc. (the “Company”) received a letter (the “Deficiency Letter”) from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, based upon the Company’s Form 10-K for the year ended December 31, 2023 (the “Form 10-K”), the Company was not in compliance with the requirement to maintain a minimum of $2,500,000 in stockholders’ equity. In the Form 10-K, the Company reported stockholders’ equity of ($4,839,000), which is below the minimum stockholders’ equity required for continued listing pursuant to Nasdaq Listing Rule 5550(b)(1). A

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Source: SEC EDGAR

accession 0001104659-24-048888

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