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Innoviz Announces Receipt of Nasdaq Non-Compliance Letter

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Innoviz Technologies (Nasdaq: INVZ), a Tier-1 supplier of automotive-grade LiDAR sensors and perception software, has received a non-compliance notice from Nasdaq due to its closing bid price falling below $1.00 per share for 30 consecutive business days. The company has been granted a 180-day grace period until January 27, 2025, to regain compliance with the minimum bid price requirement.

If Innoviz's closing bid price reaches $1.00 or higher for at least ten consecutive trading days during this period, it will regain compliance. Failure to meet this requirement may result in an additional 180-day grace period, subject to Nasdaq's determination. The company's shares will continue to trade on the Nasdaq Capital Market under the symbol 'INVZ' during this time.

Innoviz Technologies (Nasdaq: INVZ), un fornitore di sensori LiDAR e software di percezione di grado automobilistico di livello 1, ha ricevuto un avviso di non conformità da Nasdaq a causa del suo prezzo di chiusura che è sceso al di sotto di $1,00 per azione per 30 giorni lavorativi consecutivi. L'azienda ha ricevuto un periodo di grazia di 180 giorni fino al 27 gennaio 2025 per ripristinare la conformità con il requisito del prezzo minimo per le offerte.

Se il prezzo di chiusura di Innoviz raggiunge $1,00 o superiore per almeno dieci giorni di trading consecutivi durante questo periodo, la società ripristinerà la conformità. La mancata osservanza di questo requisito potrebbe comportare un ulteriore periodo di grazia di 180 giorni, soggetto alla determinazione di Nasdaq. Le azioni della società continueranno a essere negoziate sul Nasdaq Capital Market con il simbolo 'INVZ' durante questo tempo.

Innoviz Technologies (Nasdaq: INVZ), un proveedor de sensores LiDAR y software de percepción de grado automotriz de nivel 1, ha recibido un aviso de no cumplimiento de Nasdaq debido a que su precio de oferta de cierre ha caído por debajo de $1.00 por acción durante 30 días hábiles consecutivos. La compañía ha recibido un período de gracia de 180 días hasta el 27 de enero de 2025 para recuperar el cumplimiento con el requisito de precio mínimo de oferta.

Si el precio de cierre de Innoviz alcanza $1.00 o más durante al menos diez días de negociación consecutivos durante este período, recuperará el cumplimiento. El incumplimiento de este requisito podría resultar en un período de gracia adicional de 180 días, sujeto a la determinación de Nasdaq. Las acciones de la compañía continuarán negociándose en el Nasdaq Capital Market bajo el símbolo 'INVZ' durante este tiempo.

Innoviz Technologies (Nasdaq: INVZ)는 자동차 등급 LiDAR 센서 및 인식 소프트웨어의 1급 공급업체로, 나스닥의 비준수 통지를 받았습니다. 이는 주가가 30일 연속으로 주당 $1.00 이하로 떨어졌기 때문입니다. 회사는 2025년 1월 27일까지 180일의 유예 기간을 부여받아 최저 입찰가 요건을 충족해야 합니다.

이 기간 동안 Innoviz의 종가가 10일 이상 연속으로 $1.00 이상이면 요건을 충족하게 됩니다. 이 요건을 충족하지 못할 경우, 나스닥의 판단에 따라 추가 180일의 유예 기간이 부여될 수 있습니다. 회사의 주식은 이 기간 동안 'INVZ' 기호로 나스닥 자본 시장에서 계속 거래될 것입니다.

Innoviz Technologies (Nasdaq: INVZ), un fournisseur de premier niveau de capteurs LiDAR et de logiciels de perception de qualité automobile, a reçu un avis de non-conformité de Nasdaq en raison du prix de son offre de clôture chutant en dessous de 1,00 $ par action pendant 30 jours ouvrables consécutifs. L'entreprise a reçu une période de grâce de 180 jours jusqu'au 27 janvier 2025 pour respecter l'exigence de prix minimum de l'offre.

Si le prix de clôture d'Innoviz atteint 1,00 $ ou plus pendant au moins dix jours de négociation consécutifs durant cette période, elle retrouvera la conformité. Le non-respect de cette exigence pourrait entraîner une période de grâce supplémentaire de 180 jours, sous réserve de la détermination de Nasdaq. Les actions de l'entreprise continueront d'être négociées sur le Nasdaq Capital Market sous le symbole 'INVZ' pendant ce temps.

Innoviz Technologies (Nasdaq: INVZ), ein Tier-1-Lieferant von LiDAR-Sensoren und Wahrnehmungssoftware für den Automobilbereich, hat eine Mitteilung über Nichteinhaltung von Nasdaq erhalten, da der Schlusskurs über 30 aufeinanderfolgende Geschäftstage unter 1,00 $ pro Aktie gefallen ist. Dem Unternehmen wurde eine 180-tägige Frist bis zum 27. Januar 2025 gewährt, um die Einhaltung der Mindestgebotsanforderung wiederherzustellen.

Wenn der Schlusskurs von Innoviz während dieses Zeitraums für mindestens zehn aufeinanderfolgende Handelstage 1,00 $ oder mehr erreicht, wird die Einhaltung wiederhergestellt. Das Versäumnis, diese Anforderung zu erfüllen, kann zu einer zusätzlichen Frist von 180 Tagen führen, die von Nasdaq bestimmt wird. Die Aktien des Unternehmens werden während dieser Zeit weiterhin an der Nasdaq Capital Market unter dem Symbol 'INVZ' gehandelt.

Positive
  • Innoviz remains listed on Nasdaq Capital Market during the compliance period
  • Company has 180 days to regain compliance with minimum bid price requirement
  • Possibility of additional 180-day grace period if other listing standards are met
Negative
  • Innoviz stock price has fallen below $1.00 for 30 consecutive business days
  • Risk of potential delisting from Nasdaq if compliance is not regained
  • Indication of prolonged stock price weakness

Insights

Innoviz's receipt of a Nasdaq non-compliance letter is a concerning development for investors. The company's stock price falling below $1.00 for an extended period signals weak market confidence and potential liquidity issues. While the 180-day grace period provides a buffer, the company faces significant challenges:

  • Risk of delisting if compliance isn't achieved, potentially leading to reduced investor access and liquidity
  • Possible need for a reverse stock split, which could be viewed negatively by the market
  • Increased difficulty in raising capital at favorable terms

Investors should closely monitor Innoviz's efforts to regain compliance and assess the company's fundamental business prospects in the competitive LiDAR market.

The Nasdaq non-compliance notice for Innoviz reflects broader challenges in the LiDAR industry. Despite being a Tier-1 supplier, the company's stock performance indicates market skepticism about its growth prospects. Key factors to consider:

  • Intense competition in the automotive LiDAR space, with numerous players vying for market share
  • Slower-than-expected adoption of autonomous driving technologies
  • Potential concerns about Innoviz's cash burn rate and path to profitability

Investors should evaluate Innoviz's technological edge, partnerships with automakers and ability to scale production efficiently. The company's success in addressing these challenges will be important for regaining market confidence and Nasdaq compliance.

TEL AVIV, Israel, Aug. 2, 2024 /PRNewswire/ -- Innoviz Technologies Ltd. (Nasdaq: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 direct supplier of high-performance, automotive-grade LiDAR sensors and perception software, announced today that it has received a written notification from the Listing Qualifications Department of The Nasdaq Stock Market LLC ("Nasdaq") dated July 30, 2024, indicating that the Company no longer satisfies Nasdaq Listing Rule 5450(a)(1) based upon a closing bid price of less than $1.00 per share for the Company's ordinary shares (the "Shares") for the prior 30 consecutive business day period.

Innoviz Technologies Logo

 

The notification from Nasdaq has no immediate effect on the listing of the Shares, and the Shares will continue to trade on the Nasdaq Capital Market under the symbol "INVZ".

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company is provided with a grace period of 180 days, or until January 27, 2025, to meet the minimum bid price requirement under the Nasdaq Listing Rules. If at any time during the 180-day grace period, the closing bid price of the Shares is $1.00 per Share or higher for at least ten consecutive trading days, Nasdaq will provide the Company written confirmation of compliance and the matter will be closed. In the event the Company does not regain compliance within the 180-day grace period, and it meets all other listing standards and requirements, the Company may be eligible for an additional 180-day grace period, subject to determination by the staff of Nasdaq. The Company intends to monitor the closing bid price of its Shares during this grace period and will consider its options in order to regain compliance with The Nasdaq Capital Market minimum bid price requirement.

About Innoviz

Innoviz is a global leader in LiDAR technology, serving as a Tier-1 supplier to the world's leading automotive manufacturers and working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit innoviz.tech.com.

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Forward Looking Statements 

This announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the listing of the Company's shares on Nasdaq and our ability to regain compliance with applicable Nasdaq rules. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement. You should carefully consider such risk and the other risks and uncertainties described in Innoviz's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission ("SEC") on March 12, 2024 and other documents filed by Innoviz 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. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Innoviz assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Innoviz gives no assurance that it will achieve its expectations.

Media Contact:
Media@innoviz-tech.com

Investor Contact:
Investors@innoviz-tech.com

Logo: https://mma.prnewswire.com/media/1496323/Innoviz_Technologies_Logo.jpg

Cision View original content:https://www.prnewswire.com/news-releases/innoviz-announces-receipt-of-nasdaq-non-compliance-letter-302213384.html

SOURCE Innoviz Technologies

FAQ

Why did Innoviz Technologies (INVZ) receive a non-compliance notice from Nasdaq?

Innoviz Technologies (INVZ) received a non-compliance notice from Nasdaq because its closing bid price fell below $1.00 per share for 30 consecutive business days, violating Nasdaq Listing Rule 5450(a)(1).

What is the deadline for Innoviz Technologies (INVZ) to regain compliance with Nasdaq's minimum bid price requirement?

Innoviz Technologies (INVZ) has until January 27, 2025, to regain compliance with Nasdaq's minimum bid price requirement of $1.00 per share.

How can Innoviz Technologies (INVZ) regain compliance with Nasdaq's listing rules?

Innoviz Technologies (INVZ) can regain compliance if its closing bid price reaches $1.00 or higher for at least ten consecutive trading days during the 180-day grace period ending January 27, 2025.

Will Innoviz Technologies (INVZ) be immediately delisted from Nasdaq due to the non-compliance notice?

No, Innoviz Technologies (INVZ) will not be immediately delisted. The company's shares will continue to trade on the Nasdaq Capital Market under the symbol 'INVZ' during the compliance period.

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