Forza X1, Inc.: Nasdaq/NYSE listing notice — Forza X1 receives Nasdaq notice for failure to meet $1.00 minimum bid price; 180-day cure period

Forza X1, Inc.

Nasdaq notified Forza X1 on Oct 4, 2023 that FRZA failed $1.00 min bid price for 30 consecutive days.
Listing and trading not immediately affected; stock continues on Nasdaq Capital Market under symbol FRZA.
Compliance period of 180 days until April 1, 2024; cure by closing bid >= $1.00 for 10 consecutive business days.
If not compliant by April 1, 2024, may qualify for additional time if other listing standards are met.
Company evaluating options to regain compliance, including a potential reverse stock split.

Key facts

Extracted from this filing and checked against the source text.

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

Forza X1, 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

October 4, 2023, Forza X1, Inc. (the “Company”) received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that for the preceding 30 consecutive business days (August 22, 2023 through October 3, 2023), the Company’s common stock did not maintain a minimum closing bid price of $1.00 (“Minimum Bid Price Requirement”) per share as required by Nasdaq Listing Rule 5550(a)(2). The notice has no immediate effect on the listing or trading of the Company’s common stock and the common stock will continue to trade on The Nasdaq Capit

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Source: SEC EDGAR

accession 0001731122-23-001809

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