Phoenix Motor fails Nasdaq bid price rule; equity compliance regained

PHOENIX MOTOR INC.

As of Oct 9, 2024, company remains non-compliant with Nasdaq's $1 minimum bid price requirement.
Company may qualify for second 180-day cure period; plans reverse stock split if needed.
Stockholders' equity deficiency resolved: Q1 2024 reported $23.7M equity vs $2.5M minimum; Q2 2024 estimated ~$18M.
Nasdaq will monitor equity compliance; future non-compliance could trigger delisting proceedings.

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