Shift Announces Regaining Compliance with Nasdaq Listing Requirement

Rhea-AI Summary

Shift (Nasdaq: SFT) announced compliance with Nasdaq's minimum bid price requirement on March 22, 2023, following a closing bid price of over $1.00 for 10 consecutive business days. This compliance confirms that the issue is now resolved. Shift is transforming the used car market via its technology-driven ecommerce platform, aiming to improve customer experience in buying and selling vehicles.

Shift's mission is to simplify car ownership, offering comprehensive digital solutions throughout the car ownership lifecycle, including financing and vehicle protection products.

Positive

• Regained compliance with Nasdaq Listing Rule 5550(a)(2).
• Closing bid price exceeded $1.00 for a minimum of 10 consecutive days, indicating stability.

Negative

• None.

SAN FRANCISCO, March 28, 2023 (GLOBE NEWSWIRE) -- Shift (Nasdaq: SFT), a leading end-to-end auto ecommerce platform transforming the used car industry with a technology-driven, hassle-free customer experience, announced today that on March 22, 2023, the Company received formal notice from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that Shift has evidenced compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule5550(a)(2). The notice indicated that as a result of the closing bid price of the Company’s common stock having been at least $1.00 per share for a minimum of 10 consecutive business days, the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) and advised that this matter is now closed.

About Shift

Shift is a consumer-centric omnichannel retailer transforming the used car industry by leveraging its end-to-end ecommerce platform and retail locations to provide a technology-driven, hassle-free customer experience. Shift’s mission is to make car purchase and ownership simple — to make buying or selling a used car fun, fair, and accessible to everyone. Shift provides comprehensive, digital solutions throughout the car ownership lifecycle, enabling customers to purchase a vehicle online with financing and vehicle protection products, and a vision to provide high-value support services during car ownership. For more information please visit www.shift.com.

Forward-Looking Statements

This document includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward looking statements include estimated financial information. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of Shift’s business are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. These factors include, but are not limited to: (1) Shift’s ability to sustain its current growth, which may be affected by, among other things, competition, Shift’s ability to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (2) changes in applicable laws or regulations; (3) the possibility that Shift may be adversely affected by other economic, business, and/or competitive factors; (4) the operational and financial outlook of Shift; (5) the ability for Shift to execute its growth strategy; (6) Shift’s ability to purchase sufficient quantities of vehicles at attractive prices; (7) legislative, regulatory and economic developments and (8) other risks and uncertainties indicated from time to time in other documents filed or to be filed with the SEC by Shift. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Shift undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

Investor Relations:
Susan Lewis
IR@shift.com

Media Contact:
press@shift.com

Source: Shift Technologies, Inc.

FAQ

What did Shift announce on March 28, 2023?

Shift announced it regained compliance with Nasdaq's minimum bid price requirement.

What is Shift's stock symbol?

Shift's stock symbol is SFT.

What is Nasdaq Listing Rule 5550(a)(2)?

Nasdaq Listing Rule 5550(a)(2) requires companies to maintain a minimum bid price of $1.00 per share.

Why is Shift's compliance with Nasdaq important?

Compliance ensures Shift can remain listed on the Nasdaq stock exchange, vital for maintaining investor confidence.

How does Shift transform the used car industry?

Shift leverages a technology-driven ecommerce platform to create a hassle-free customer experience in buying and selling cars.