Nasdaq Grants NWTN Extension to File its Annual Report on Form 20-F
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 Inc. (Nasdaq: NWTN), un'azienda tecnologica di mobilità ecologica, ha ricevuto un prolungamento da Nasdaq per presentare il suo Rapporto Annuale sul Modulo 20-F per l'anno fiscale conclusosi il 31 dicembre 2023. Questa estensione è arrivata dopo che NWTN ha ricevuto una lettera di carenza il 22 maggio 2024, per non conformità alla Regola di Quotazione 5250(c)(1). NWTN ha presentato un piano per ripristinare la conformità, che Nasdaq ha accettato.
Secondo i termini dell'eccezione, NWTN deve presentare il 20-F 2023 entro e non oltre l'11 novembre 2024. Il mancato rispetto di questa scadenza potrebbe comportare la delisting, soggetta a ricorso. NWTN sta lavorando diligentemente per completare e presentare il rapporto il prima possibile entro il termine stabilito.
NWTN Inc. (Nasdaq: NWTN), una empresa de tecnología de movilidad ecológica, ha recibido una prórroga por parte de Nasdaq para presentar su Informe Anual en el Formulario 20-F para el año fiscal que finalizó el 31 de diciembre de 2023. Esta prórroga se otorga después de que NWTN recibiera una carta de deficiencia el 22 de mayo de 2024, por incumplimiento de la Regla de Listado 5250(c)(1). NWTN presentó un plan para recuperar la conformidad, el cual fue aceptado por Nasdaq.
Bajo los términos de la excepción, NWTN debe presentar el 20-F 2023 en o antes del 11 de noviembre de 2024. No cumplir con este plazo puede resultar en la exclusión de la lista, sujeta a apelación. NWTN está trabajando diligentemente para completar y presentar el informe lo antes posible dentro del plazo estipulado.
NWTN Inc. (Nasdaq: NWTN), 환경 친화적인 이동 기술 회사, 는 2023년 12월 31일로 종료된 회계 연도에 대한 20-F 양식 연차 보고서를 제출하기 위해 Nasdaq으로부터 연장 승인을 받았습니다. 이 연장은 NWTN이 2024년 5월 22일 Listing Rule 5250(c)(1) 비준수에 대한 결함 통지를 받은 후에 이루어졌습니다. NWTN은 비준수 상태를 회복하기 위한 계획을 제출했으며, Nasdaq이 이를 수용했습니다.
예외 조건에 따라 NWTN은 2023년 20-F를 2024년 11월 11일 이전 또는 그 날에 제출해야 합니다. 이 마감일을 지키지 않으면 상장 폐지될 수 있으며, 이에 대해 항소가 가능합니다. NWTN은 정해진 기한 내에 보고서를 최대한 빨리 완료하고 제출하기 위해 열심히 노력하고 있습니다.
NWTN Inc. (Nasdaq: NWTN), une société technologique de mobilité éco-responsable, a obtenu une prolongation de la part de Nasdaq pour déposer son Rapport Annuel sur le Formulaire 20-F pour l'exercice clos le 31 décembre 2023. Ce prolongement fait suite à une lettre de carence reçue par NWTN le 22 mai 2024, en raison d'un non-respect de la Règle de Cotation 5250(c)(1). NWTN a soumis un plan pour retrouver la conformité, qui a été accepté par Nasdaq.
Conformément aux conditions de l'exception, NWTN doit déposer le 20-F 2023 au plus tard le 11 novembre 2024. Un non-respect de ce délai pourrait entraîner un retrait de la cote, sous réserve d'appel. NWTN travaille avec diligence pour compléter et soumettre le rapport le plus rapidement possible dans le délai imparti.
NWTN Inc. (Nasdaq: NWTN), ein umweltbewusstes Unternehmen für Mobilitätstechnologie, hat von Nasdaq eine Verlängerung erhalten, um seinen Jahresbericht auf Formular 20-F für das am 31. Dezember 2023 endende Geschäftsjahr einzureichen. Diese Verlängerung erfolgte, nachdem NWTN am 22. Mai 2024 ein Mängelschreiben wegen Nichteinhaltung der Listing-Regel 5250(c)(1) erhalten hatte. NWTN hat einen Plan zur Wiederherstellung der Konformität vorgelegt, was Nasdaq akzeptiert hat.
Nach den Bedingungen der Ausnahme muss NWTN den 20-F für 2023 bis spätestens 11. November 2024 einreichen. Sollte diese Frist nicht eingehalten werden, könnte dies zu einer Delistung führen, die anfechtbar ist. NWTN arbeitet mit Nachdruck daran, den Bericht so schnell wie möglich innerhalb des gegebenen Zeitrahmens abzuschließen und einzureichen.
- Nasdaq granted NWTN an extension to file its 2023 Annual Report
- NWTN's compliance plan was accepted by Nasdaq
- Company avoided immediate delisting risk
- NWTN failed to file its 2023 Annual Report on time
- Risk of delisting if the November 11, 2024 deadline is not met
- Potential investor uncertainty due to delayed financial reporting
Insights
This Nasdaq filing extension for NWTN is a concerning development. The company's inability to file its 2023 annual report on time raises red flags about its financial reporting processes and internal controls. The extended deadline until November 11, 2024, provides a significant grace period, but also indicates the severity of the delay.
Investors should be cautious as prolonged non-compliance with Nasdaq listing rules can lead to delisting, which would severely impact stock liquidity and value. The company's statement about working diligently to complete the report is standard, but the lack of a specific timeline within the extended period is worrisome. This situation may indicate deeper financial or operational issues that could negatively affect NWTN's market position and investor confidence.
The extension granted by Nasdaq to NWTN is a double-edged sword. While it provides the company with more time to address its reporting issues, it also signals potential governance weaknesses. The delay in filing the annual report could stem from various factors, including accounting complexities, auditor disagreements, or internal control deficiencies.
Shareholders should closely monitor NWTN's progress and any additional disclosures. The risk of delisting remains if the company fails to meet the new November deadline. This situation underscores the importance of robust financial reporting systems and transparent communication with investors. NWTN's management needs to prioritize resolving these issues to maintain market confidence and regulatory compliance.
DUBAI, United Arab Emirates, Aug. 06, 2024 (GLOBE NEWSWIRE) -- NWTN Inc. (Nasdaq: NWTN), an eco-conscious mobility technology company bringing passenger-centric green premium mobility solutions to the world (“NWTN”), today announced that the Nasdaq Stock Market LLC (“Nasdaq”) has determined to grant NWTN an exception to Listing Rule 5250(c)(1) (the “Rule”), giving NWTN an extension of the deadline to file its Annual Report on Form 20-F for the fiscal year ended December 31, 2023 (the “2023 20-F”).
As NWTN announced in its press release dated May 24, 2024, on May 22, 2024, NWTN received a deficiency letter from Nasdaq stating that NWTN is not in compliance with the Rule because it has not yet filed the 2023 20-F with the Securities and Exchange Commission (the “SEC”). Nasdaq indicated that NWTN had 60 calendar days, or no later than July 22, 2024, to submit a plan to regain compliance (the “Plan”).
NWTN timely submitted a Plan to Nasdaq. Based on its further review, Nasdaq has determined to grant an exception to the filing deadline under the Rule to enable NWTN to regain compliance with the Rule. Under the terms of the exception, NWTN must file the 2023 20-F on or before November 11, 2024. In the event NWTN does not satisfy the terms of the exception, Nasdaq will provide NWTN with written notification that its securities will be delisted, at which time NWTN may appeal Nasdaq’s determination to a Hearings Panel.
NWTN is working diligently to complete the 2023 20-F and aims to file the report as soon as practicable, on or before November 11, 2024.
ABOUT NWTN
NWTN is a pioneering green energy company dedicated to providing passenger-focused, premium electric vehicle products and green energy solutions to customers worldwide. Headquartered in Dubai, United Arab Emirates (UAE), NWTN has a full vehicle assembly facility in Abu Dhabi and a supply chain manufacturing base in Jinhua, China.
NWTN is committed to the future of mobility solutions that integrate pioneering design, personalized lifestyles, Internet of Everything (IoT), autonomous driving technology and the eco-system of green energy.
For further information, please visit: https://www.nwtnmotors.com.
FORWARD-LOOKING STATEMENTS
This press release may contain 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. Such forward-looking statements are characterized by future or conditional verbs such as “may,” “will,” “expect,” “intend,” “anticipate,” believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information.
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 press release, including but not limited to the risk factors contained in NWTN’s filings with the SEC, which are available for review at www.sec.gov. Forward-looking statements speak only as of the date they are made. New risks and uncertainties arise over time, and it is not possible for NWTN to predict those events or how they may affect NWTN. If a change to the events and circumstances reflected in NWTN’s forward-looking statements occurs, NWTN’s business, financial condition and operating results may vary materially from those expressed in NWTN’s forward-looking statements.
Readers are cautioned not to put undue reliance on forward-looking statements, and NWTN 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.
CONTACT
Investor Relationships
Email: IR@nwtn.ae
FAQ
What extension has Nasdaq granted to NWTN?
Why did NWTN receive a deficiency letter from Nasdaq?
What happens if NWTN fails to file its 2023 Annual Report by the new deadline?
How is NWTN addressing the delay in filing its 2023 Annual Report?
