Phoenix Motor Inc. Appeals Nasdaq Delisting Determination
Phoenix Motor Inc. has formally appealed Nasdaq's delisting determination following the trading halt of its stock (PEV) on April 15, 2025. The suspension resulted from non-compliance with the minimum bid price requirement and failure to hold a 2024 annual shareholder's meeting.
The company has requested a hearing before the Nasdaq Hearings Panel and initiated transition to over-the-counter (OTC) trading. To address compliance issues, the Board is recommending shareholders approve a reverse stock split with a ratio range of 1-for-1.5 to 1-for-5. Additionally, the company has scheduled its annual shareholder meeting for April 18, 2025, at its Anaheim headquarters.
Phoenix Motor Inc. ha presentato un ricorso formale contro la decisione di rimozione dalla quotazione del Nasdaq, a seguito della sospensione delle negoziazioni del suo titolo (PEV) avvenuta il 15 aprile 2025. La sospensione è stata causata dal mancato rispetto del requisito del prezzo minimo di offerta e dalla mancata convocazione dell'assemblea annuale degli azionisti del 2024.
L'azienda ha richiesto un'udienza davanti al Nasdaq Hearings Panel e ha avviato la transizione alla negoziazione over-the-counter (OTC). Per risolvere le problematiche di conformità, il Consiglio di Amministrazione raccomanda agli azionisti di approvare un split azionario inverso con un rapporto compreso tra 1-per-1,5 e 1-per-5. Inoltre, la società ha programmato l'assemblea annuale degli azionisti per il 18 aprile 2025 presso la sua sede di Anaheim.
Phoenix Motor Inc. ha apelado formalmente la decisión de exclusión de Nasdaq tras la suspensión de la negociación de sus acciones (PEV) el 15 de abril de 2025. La suspensión se debió al incumplimiento del requisito de precio mínimo de oferta y a la falta de celebración de la junta anual de accionistas de 2024.
La compañía ha solicitado una audiencia ante el Panel de Audiencias de Nasdaq e iniciado la transición a la negociación en el mercado extrabursátil (OTC). Para solucionar los problemas de cumplimiento, la Junta recomienda a los accionistas aprobar una consolidación inversa de acciones con una proporción que varía entre 1 a 1.5 y 1 a 5. Además, la empresa ha programado su junta anual de accionistas para el 18 de abril de 2025 en su sede de Anaheim.
Phoenix Motor Inc.는 2025년 4월 15일 주식(PEV) 거래 중단에 따른 나스닥 상장폐지 결정에 대해 공식적으로 항소했습니다. 거래 중단은 최저 입찰가 요건 미충족과 2024년 연례 주주총회 미개최로 인해 발생했습니다.
회사는 나스닥 청문회 패널 앞에서 심리를 요청하고 장외(OTC) 거래로 전환을 시작했습니다. 준수 문제를 해결하기 위해 이사회는 주주들에게 1대 1.5에서 1대 5 비율의 역병합 주식 분할 승인을 권고하고 있습니다. 또한 회사는 2025년 4월 18일 애너하임 본사에서 연례 주주총회를 개최할 예정입니다.
Phoenix Motor Inc. a formellement fait appel de la décision de radiation du Nasdaq suite à la suspension de la négociation de son action (PEV) le 15 avril 2025. Cette suspension résulte du non-respect du prix d'offre minimum requis et de l'absence de tenue de l'assemblée générale annuelle des actionnaires de 2024.
La société a demandé une audience devant le Nasdaq Hearings Panel et a entamé la transition vers le marché de gré à gré (OTC). Pour remédier aux problèmes de conformité, le conseil d'administration recommande aux actionnaires d'approuver un regroupement d'actions inversé avec un ratio allant de 1 pour 1,5 à 1 pour 5. De plus, la société a programmé son assemblée générale annuelle le 18 avril 2025 au siège d'Anaheim.
Phoenix Motor Inc. hat formell gegen die Entscheidung der Nasdaq Einspruch eingelegt, die Aktie nach dem Handelsstopp der Aktie (PEV) am 15. April 2025 von der Börse zu nehmen. Die Aussetzung erfolgte aufgrund der Nichteinhaltung der Mindestgebotspreisvorgabe und der Nichtabhaltung der Hauptversammlung 2024.
Das Unternehmen hat eine Anhörung vor dem Nasdaq Hearings Panel beantragt und den Übergang zum außerbörslichen Handel (OTC) eingeleitet. Um die Compliance-Probleme zu beheben, empfiehlt der Vorstand den Aktionären die Zustimmung zu einer Aktienzusammenlegung im Verhältnis von 1 zu 1,5 bis 1 zu 5. Zudem hat das Unternehmen seine Hauptversammlung für den 18. April 2025 am Firmensitz in Anaheim angesetzt.
- Company actively appealing Nasdaq delisting determination
- Transitioning to OTC markets to maintain trading availability
- Scheduled shareholder meeting to resolve governance requirements
- Trading of PEV stock suspended on Nasdaq due to compliance failures
- Non-compliance with minimum bid price requirement
- Failed to hold required annual shareholder meeting in 2024
- Potential dilution risk from proposed reverse stock split
Insights
Phoenix Motor's Nasdaq delisting appeal represents a critical regulatory challenge with significant implications for shareholders. The company faces a double compliance problem: failure to maintain the
The trading suspension effective April 15 forces an immediate transition to OTC markets, which typically results in reduced liquidity, wider bid-ask spreads, and diminished institutional investor interest. For a micro-cap company with just
The proposed reverse split ratio range (1-for-1.5 to 1-for-5) appears inadequate given the
While management is taking procedural steps—scheduling the shareholder meeting for April 18 and pursuing the appeal process—these actions come after the suspension has already taken effect, suggesting a reactive rather than proactive approach to exchange requirements.
The combination of the trading venue downgrade, compliance failures, and the company's market capitalization creates substantial obstacles for maintaining shareholder value, regardless of operational performance in its electric vehicle business.
ANAHEIM, CA / ACCESS Newswire / April 15, 2025 / Phoenix Motor Inc. (the "Company"), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today announced that it has formally appealed the Nasdaq delisting determination and is taking proactive steps to protect shareholder value following the trading halt of its common stock (previously traded under: PEV).
Hearing Request and Continued OTC Trading
As previously disclosed, Nasdaq suspended trading of the Company's common stock effective today, April 15, 2025, due to non-compliance with the minimum bid price requirement and the Company's failure to hold an annual shareholder's meeting in 2024. The Company has:
Timely requested a hearing before the Nasdaq Hearings Panel to appeal the delisting decision.
Initiated the transition to over-the-counter (OTC) trading. The Company will provide updates regarding OTC market availability.
" We respect Nasdaq's process and are pursuing all avenues to regain compliance through the appeal process," said Xiaofeng Peng, CEO of Phoenix Motor Inc. "Our operations and growth strategy remain unchanged, and we are committed to maintaining transparency with our investors during this transition."
Progress on Compliance Measures
The Company is advancing its plan to meet Nasdaq's requirements, including:
Reverse Stock Split Approval - The Board continues to recommend shareholders approve a reverse stock split (ratio range: 1-for-1.5 to 1-for-5) to address the bid price deficiency.
Imminent Annual Meeting - The shareholder meeting will proceed as scheduled on April 18, 2025, at the Company's headquarters (1500 Lakeview Loop, Anaheim, CA), to resolve corporate governance requirements.
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: phoenixev.ai.
Forward-Looking Statements
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as "may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's current expectations and speak only as of the date of this release. Actual results may differ materially from the Company's current expectations depending upon a number of factors. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.
Contact: IR@phoenixev.ai
Dave Gentry, CEO RedChip Companies, Inc.1-407-644-4256 PEV@redchip.com
SOURCE: Phoenix Motor Inc.
View the original press release on ACCESS Newswire
FAQ
Why was Phoenix Motor (PEV) stock suspended from Nasdaq trading on April 15, 2025?
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When is Phoenix Motor's (PEV) annual shareholder meeting scheduled for 2025?
What steps is Phoenix Motor (PEV) taking to maintain trading availability after Nasdaq suspension?
