Phoenix Motor Inc. Announces Receipt of Nasdaq Delisting Notice
Phoenix Motor (NASDAQ:PEV) received a delisting notice from Nasdaq due to non-compliance with listing rules after failing to timely file its Q3 2024 10-Q report. The company has until January 21, 2025 to submit a compliance plan. If accepted, Nasdaq may grant an extension until May 19, 2025 to regain compliance. The company's stock continues trading under PEV symbol while they work to complete and file the delayed quarterly report. If the compliance plan is rejected, Phoenix Motor can appeal to a Nasdaq Hearings Panel.
Phoenix Motor (NASDAQ:PEV) ha ricevuto un avviso di delisting da parte di Nasdaq a causa della non conformità alle regole di quotazione, dopo non aver presentato in tempo il rapporto 10-Q per il terzo trimestre del 2024. L'azienda ha tempo fino al 21 gennaio 2025 per presentare un piano di conformità. Se accettato, Nasdaq potrebbe concedere un'estensione fino al 19 maggio 2025 per recuperare la conformità. Le azioni dell'azienda continuano a essere scambiate sotto il simbolo PEV mentre lavorano per completare e presentare il rapporto trimestrale in ritardo. Se il piano di conformità viene rifiutato, Phoenix Motor può fare ricorso a un Panel delle Audizioni di Nasdaq.
Phoenix Motor (NASDAQ:PEV) recibió un aviso de deslistado de Nasdaq debido a la falta de cumplimiento con las normas de cotización tras no presentar a tiempo su informe 10-Q del tercer trimestre de 2024. La compañía tiene hasta el 21 de enero de 2025 para presentar un plan de cumplimiento. Si es aceptado, Nasdaq podría conceder una extensión hasta el 19 de mayo de 2025 para recuperar el cumplimiento. Las acciones de la empresa continúan negociándose bajo el símbolo PEV mientras trabajan para completar y presentar el informe trimestral retrasado. Si se rechaza el plan de cumplimiento, Phoenix Motor puede apelar a un Panel de Audiencias de Nasdaq.
피닉스 모터 (NASDAQ:PEV)는 2024년 3분기 10-Q 보고서를 제때 제출하지 않아 나스닥의 상장 규정을 준수하지 못해 나스닥으로부터 상장 폐지 통보를 받았습니다. 회사는 2025년 1월 21일까지 준수 계획을 제출해야 합니다. 만약 승인된다면, 나스닥은 준수를 회복하기 위해 2025년 5월 19일까지 연장을 허용할 수 있습니다. 회사의 주식은 연체된 분기 보고서를 완료하고 제출하는 동안 PEV 기호 하에 계속 거래됩니다. 준수 계획이 거부될 경우, 피닉스 모터는 나스닥 청문회 위원회에 항소할 수 있습니다.
Phoenix Motor (NASDAQ:PEV) a reçu un avis de radiation de Nasdaq en raison d'un non-respect des règles de cotation après n'avoir pas soumis dans les délais son rapport 10-Q pour le troisième trimestre 2024. La société a jusqu'au 21 janvier 2025 pour soumettre un plan de conformité. Si le plan est accepté, Nasdaq pourrait accorder une prolongation jusqu'au 19 mai 2025 pour rétablir la conformité. Les actions de la société continuent d'être échangées sous le symbole PEV pendant qu'elle travaille à l'achèvement et à la soumission du rapport trimestriel en retard. Si le plan de conformité est rejeté, Phoenix Motor peut faire appel à un panel d'audiences de Nasdaq.
Phoenix Motor (NASDAQ:PEV) hat von Nasdaq eine Mitteilung über die Delistung erhalten, da sie gegen die Zulassungsregeln verstoßen haben, nachdem sie ihren 10-Q Bericht für das 3. Quartal 2024 nicht rechtzeitig eingereicht hat. Das Unternehmen hat bis zum 21. Januar 2025 Zeit, um einen Compliance-Plan einzureichen. Wenn dieser akzeptiert wird, könnte Nasdaq eine Verlängerung bis zum 19. Mai 2025 gewähren, um die Konformität wiederherzustellen. Die Aktien des Unternehmens werden weiterhin unter dem Symbol PEV gehandelt, während sie daran arbeiten, den verspäteten Quartalsbericht fertigzustellen und einzureichen. Wird der Compliance-Plan abgelehnt, kann Phoenix Motor eine Berufung bei einem Nasdaq Hearings Panel einlegen.
- Stock continues trading on Nasdaq during compliance period
- Company has opportunity to submit compliance plan and potentially receive extension
- Failed to file Q3 2024 10-Q report on time
- Risk of potential delisting from Nasdaq
- Non-compliance with SEC filing requirements
Insights
This Nasdaq delisting notice represents a serious compliance issue for Phoenix Motor. The failure to file Q3 2024 financial reports signals potential internal control or accounting problems. While the company has until January 21, 2025 to submit a compliance plan and potentially until May 19, 2025 to fully comply, such delays often indicate deeper operational challenges.
The immediate trading status remains unchanged, but historical patterns show that companies receiving delisting notices face increased scrutiny from investors and regulators. The lack of current financial information creates significant uncertainty around the company's financial health and operations. With a micro-cap status of just
ANAHEIM, CA / ACCESSWIRE / November 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") 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 September 30, 2024 (the "Form 10-Q"). The Listing Rule requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the "SEC").
Under Nasdaq rules, the Company has 60 calendar days, or until January 21, 2025, to submit a plan to regain compliance and if the plan is accepted, Nasdaq may grant an exception of up to 180 calendar days from the Form 10-Q's due date, or until May 19, 2025, to regain compliance. 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 the Form 10-Q and intends to file the Form 10-Q as soon as practicable.
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.
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
SOURCE: Phoenix Motor Inc.
View the original press release on accesswire.com
FAQ
Why did Phoenix Motor (PEV) receive a Nasdaq delisting notice?
When is Phoenix Motor's (PEV) deadline to submit a compliance plan to Nasdaq?
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