Phoenix Motor receives Nasdaq delisting notice for bid price non-compliance; trading suspended April 15

PHOENIX MOTOR INC.

Received Nasdaq delisting notice on April 8, 2025 due to minimum bid price non-compliance.
Trading in common stock suspended at opening on April 15, 2025.
Additional delisting basis: failure to hold annual meeting within one year of fiscal year end.
Company requested hearing but suspension not stayed; stock expected to trade OTC if delisted.
Company plans reverse stock split (1:1.5 to 1:5) and annual meeting on April 18, 2025.

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