Arcimoto, Inc. Announces Receipt of Notice from Nasdaq Regarding Late Filing of Quarterly Report on Form 10-Q

Rhea-AI Summary

Arcimoto, Inc. (NASDAQ: FUV) received a notice from Nasdaq for not filing its quarterly report on Form 10-Q for the period ended September 30, 2023, leading to non-compliance with Nasdaq Listing Rule 5250(c)(1). The notice will not immediately affect the listing or trading of the Company’s common stock on the Nasdaq Global Market, but further delays may have an impact. The Company must submit a compliance plan by January 22, 2024, and file the delinquent Form 10-Q by May 20, 2024. Arcimoto intends to file the delinquent form as soon as possible.

Positive

• None.

Negative

• Non-compliance with Nasdaq Listing Rule 5250(c)(1) due to not filing the quarterly report on Form 10-Q for the period ended September 30, 2023.
• Potential impact on the listing or trading of the Company’s common stock if further delays occur.

EUGENE, Oregon , Nov. 28, 2023 (GLOBE NEWSWIRE) -- Arcimoto, Inc.® (NASDAQ: FUV), today announced that on November 22, 2023, it received a notice from The Nasdaq Stock Market LLC (“Nasdaq”) stating that because the Company has not yet filed its quarterly report on Form 10-Q for the period ended September 30, 2023 (the “Form 10-Q”), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic reports with the Securities and Exchange Commission (the “SEC”).

The current notice will have no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Global Market, although there can be no assurances that further delays in the filing of the Form 10-Q will not have an impact on the listing or trading of the Company’s common stock. Nasdaq indicated that the Company must: (i) no later than January 22, 2024, submit a plan to regain compliance with respect to the filing requirement; and (ii) on or before May 20, 2024, file the delinquent Form10-Q. The Company intends to file the delinquent Form 10-Q as soon as practicable.

About Arcimoto, Inc.

Arcimoto is a pioneer in the design and manufacture of rightsized, ultra-efficient, incredibly fun electric vehicles for everyday mobility. Built on the revolutionary three-wheel Arcimoto Platform, our vehicles are purpose-built for daily driving, local delivery, and emergency response, all at a fraction of the cost and environmental impact of traditional gas-powered vehicles. Based in Eugene, Oregon, the Arcimoto team is dedicated to creating world-class EVs that make the world a better place.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, are forward-looking statements. When used in this press release, the words “aims”, “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events, including the Company’s ability to file the delinquent Form 10-Q. Except as otherwise required by applicable law, Arcimoto, Inc. (the “Company” or “we”) disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. The Company cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company, including risks and uncertainties described in the “Risk Factors” section of our Registration Statement on Form S-1 filed with the SEC on August 25, 2023, and other documents that we file from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. The Company can give no assurances that the Company will achieve its expectations.

Investor Relations Contact:

investor@arcimoto.com

FAQ

What notice did Arcimoto, Inc. receive from Nasdaq?

Arcimoto, Inc. received a notice from Nasdaq for not filing its quarterly report on Form 10-Q for the period ended September 30, 2023.

What is the impact of the notice on the listing or trading of Arcimoto, Inc.'s common stock?

The notice will not immediately affect the listing or trading of the Company’s common stock on the Nasdaq Global Market, but further delays may have an impact.

What are the deadlines set by Nasdaq for Arcimoto, Inc. to regain compliance with the filing requirement?

Arcimoto, Inc. must submit a compliance plan by January 22, 2024, and file the delinquent Form 10-Q by May 20, 2024.

What is Arcimoto, Inc.'s intention regarding the delinquent Form 10-Q?

Arcimoto intends to file the delinquent form as soon as possible.