Phoenix Motor Inc. Announces Receipt of Nasdaq Listing Delinquency Letter
Rhea-AI Summary
Phoenix Motor Inc. (NASDAQ:PEV) has received a delinquency notification letter from Nasdaq due to non-compliance with Listing Rule 5250(c)(1). The company failed to timely file its Quarterly Reports on Form 10-Q for the periods ended March 31, 2024, and June 30, 2024. This follows a previous notification received on May 22, 2024, for the March 31 filing.
Phoenix Motor has until November 18, 2024, to regain compliance by submitting all delinquent filings. The company must provide an updated compliance plan by September 3, 2024. While the delinquency has no immediate effect on the stock's listing, failure to meet Nasdaq's requirements could lead to potential delisting. Phoenix Motor is working to complete and file the overdue reports as soon as possible.
Positive
- No immediate effect on the company's stock listing on Nasdaq
- Company retains the opportunity to submit a compliance plan to Nasdaq
Negative
- Non-compliance with Nasdaq Listing Rule 5250(c)(1)
- Failure to file Quarterly Reports (10-Q) for two consecutive quarters
- Risk of potential delisting if compliance is not regained by November 18, 2024
- Additional regulatory scrutiny and reporting requirements
News Market Reaction
On the day this news was published, PEV declined 1.20%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
ANAHEIM, CA / ACCESSWIRE / August 21, 2024 / Phoenix Motor Inc. (NASDAQ:PEV) (the "Company") today announced that it received a delinquency notification letter from the Listing Qualifications Staff of the Nasdaq Stock Market LLC ("Nasdaq") on August 16, 2024 due to the Company's non-compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule") as a result of the Company's failure to timely file its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024. Previously, on May 22, 2024, the Company received a delinquency notification from Nasdaq that the Company no longer complied with the Listing Rule as it had not yet filed its Form 10-Q for the quarterly period ended March 31, 2024 (the "Initial Delinquent Filing").
The Listing Rule requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission. The deficiency letter has no immediate effect on the listing of the Company's common stock, and its common stock will continue to trade on The Nasdaq Capital Market under the symbol "PEV" at this time.
As a result of this additional delinquency, the Company is required to regain compliance with all delinquent filings within 180 calendar days from the due date of the Initial Delinquent Filing, or November 18, 2024. The Company must submit an update to its original plan to regain compliance with respect to the filing requirementsno later than September 3, 2024. The update must include the Company's plans to file its Form 10-Q for the quarterly period ended June 30, 2024 and indicate the progress the Company has made towards implementing the plan submitted in connection with the Initial Delinquent Filing. If the Company's plan to regain compliance is not accepted, Nasdaq rules would permit the Company to appeal the decision to reject the Company's proposed compliance plan to a Nasdaq Hearings Panel.
The Company is in the process of completing its Form 10-Q for the quarterly periods ended March 31, 2024 and June 30, 2024 and intends to file such reports as soon as practicable.
This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
About Phoenix Motor Inc.
Phoenix Motor, a pioneer in the electric vehicle ("EV") industry, designs, builds, and integrates electric drive systems and manufactures heavy duty transit buses and medium and light duty commercial EVs. Phoenix operates two primary brands, "Phoenix", which is focused on commercial products including heavy and medium duty EVs (transit buses, shuttle buses, school buses and delivery trucks, among others) and "EdisonFuture", which intends to offer light-duty EVs. Phoenix endeavors to be a leading designer, developer and manufacturer of electric vehicles and electric vehicle technologies. To learn more, please visit: www.phoenixmotorcars.com.
Forward-Looking Statements
Certain information contained in this report consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks, uncertainties and assumptions that are difficult to predict. Words such as "will," "would," "may," "intends," "potential," and similar expressions, or the use of future tense, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Such forward-looking statements are not guarantees of performance and actual actions or events could differ materially from those contained in such statements. For example, there can be no assurance that Nasdaq will accept the Company's plan to regain compliance, that the Company will regain compliance with the Listing Rule during any compliance period or in the future, or otherwise meet Nasdaq continued listing standards, or that Nasdaq will grant the Company any relief from delisting as necessary or that the Company can ultimately meet applicable Nasdaq requirements for any such relief. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to the Company's filings with the SEC. The forward-looking statements contained in this report speak only as of the date of this report and the Company undertakes no obligation to publicly update any forward-looking statements to reflect changes in information, events or circumstances after the date of this report, unless required by law.
CONTACT:
Tyler Leach
Marketing Manager
PhoenixEV
846-436-7326
tleach@phoenixmotorcars.com
SOURCE: Phoenix Motor Inc.
View the original press release on accesswire.com
FAQ
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