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NWTN Inc. (Nasdaq: NWTN) is at the forefront of the smart electric vehicle industry, integrating cutting-edge design, lifestyle personalization, IoT connectivity, and autonomous driving technology into passenger-centric green premium mobility solutions. Headquartered in Dubai, UAE, with a vehicle assembly facility in Abu Dhabi, NWTN aims to revolutionize the future of mobility.
Recent Achievements:
- Premiered the Rabdan MUSE at the Pebble Beach Concours d'Elegance, showcasing innovative passenger-centric technologies.
- Obtained the 'Made in the Emirates' mark for its Rabdan One model, highlighting NWTN's commitment to local manufacturing standards.
- Increased its production capabilities with a new parts and supply chain facility in Jinhua, Zhejiang, China.
- Signed multiple MOUs to enhance its footprint in the UAE and contribute to sustainable development, including partnerships with Abu Dhabi Islamic Bank and China State Construction Engineering Corporation (Middle East) LLC.
Notable Projects:
- MUSE: A large flagship Smart Passenger Vehicle (SPV) that merges advanced autonomous driving technologies with a focus on passenger comfort and intelligent design.
- Gravity Zero Platform: A highly modular vehicle architecture that supports various vehicle types, reducing development time and costs while enhancing product quality.
- NWTOPIA: An ecosystem that extends beyond transportation, integrating smart technologies and green energy solutions to reshape urban living.
- Rabdan One: The first new energy vehicle marked 'Made in the Emirates,' which signifies adherence to UAE's quality and safety standards.
Financial Condition: NWTN has reported substantial investment in R&D to support its innovative projects. Despite a net loss of $69.8 million for the first half of 2023, the company maintains a robust cash position of $73.5 million, ensuring its strategic initiatives and operations remain well-funded.
Partnerships: NWTN's strategic alliances extend across various sectors, including a notable collaboration with Abu Dhabi Port Group for logistics and vehicle distribution and a partnership with China Evergrande Group, although the latter is under review due to recent uncertainties.
For more detailed and up-to-date information, visit NWTN's official website
NWTN has received a delisting determination notice from Nasdaq due to failing to file its 2023 Annual Report and regain compliance with Listing Rule 5250(c)(1) by November 11, 2024. Unless appealed by November 19, 2024, Nasdaq will suspend trading of NWTN's ordinary shares and warrants on November 21, 2024. The company intends to request a hearing to appeal the determination and seek an extended stay of the trading suspension. NWTN is working to file the 2023 Annual Report but cannot guarantee regaining compliance or maintaining Nasdaq listing.
NWTN Inc. (Nasdaq: NWTN), an eco-conscious mobility technology company, has been granted an extension by Nasdaq to file its Annual Report on Form 20-F for the fiscal year ended December 31, 2023. This extension comes after NWTN received a deficiency letter on May 22, 2024, for non-compliance with Listing Rule 5250(c)(1). NWTN submitted a plan to regain compliance, which Nasdaq has accepted.
Under the terms of the exception, NWTN must file the 2023 20-F on or before November 11, 2024. Failure to meet this deadline may result in delisting, subject to appeal. NWTN is working diligently to complete and file the report as soon as possible within the given timeframe.
NWTN, an eco-conscious mobility technology company, has received a notification from Nasdaq concerning its delayed Annual Report on Form 20-F for the year ending December 31, 2023. Nasdaq has stated that NWTN is not in compliance with Listing Rule 5250(c)(1), but this notification does not immediately affect the listing or trading of NWTN's securities. The company has until July 22, 2024, to submit a compliance plan, which, if accepted, could grant them up to November 11, 2024, to meet the requirements. Failure to comply could result in delisting, though NWTN is working diligently to resolve the issue.
NWTN Inc. reminds shareholders about share lending and recalling due to recent increase in share volatility. Shareholders are advised to prevent short selling by opting out of share lending programs and recalling shares if already loaned out. Investors can move shares into a cash account, opt out of securities lending programs, or transfer shares to the Company's transfer agent. The company emphasizes that the information provided is not investment advice and advises shareholders to consult their financial advisors.
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