Westport Regains Compliance with Nasdaq Minimum Bid Requirement

Rhea-AI Summary

Westport Fuel Systems has officially regained compliance with Nasdaq's minimum bid price requirement. A Bid Price Compliance Letter from Nasdaq confirms that from January 31, 2023 to February 13, 2023, the closing bid price for Westport's ordinary shares was $1.00 or more for ten consecutive business days. This compliance restores Westport's listing status on Nasdaq, following previous concerns regarding its share price. The Company remains a prominent player in providing advanced fuel delivery systems for low-carbon fuels globally.

Positive

• Regained compliance with Nasdaq listing requirements, enhancing stability for investors.
• Closing bid price was $1.00 or more for 10 consecutive days, promising shareholder confidence.

Negative

• Previous non-compliance with Nasdaq's minimum bid price may have raised concerns among investors.
• Regaining compliance reflects past challenges and the need for sustained share price performance.

VANCOUVER, British Columbia, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Westport Fuel Systems Inc. (“Westport” or the “Company”) (TSX: WPRT / Nasdaq: WPRT), a global leader in low-emissions alternative fuel transportation technologies, announced today that it has received a Bid Price Compliance Letter from the Nasdaq Listing Qualifications Staff of the Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5450(a)(1) for continued listing on The Nasdaq Capital Market^®.

On February 14, 2023, Nasdaq determined that for the last 10 consecutive business days, from January 31, 2023 to February 13, 2023, the closing bid price of the Company's ordinary shares has been at $1.00 per share or greater. Accordingly, the Company has regained compliance with Listing Rule 5450(a)(1), and considers this matter now closed.

About Westport Fuel Systems

At Westport Fuel Systems, we are driving innovation to power a cleaner tomorrow. We are a leading supplier of advanced fuel delivery components and systems for clean, low-carbon fuels such as natural gas, renewable natural gas, propane, and hydrogen to the global transportation industry. Our technology delivers the performance and fuel efficiency required by transportation applications and the environmental benefits that address climate change and urban air quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America, and South America, we serve our customers in more than 70 countries with leading global transportation brands. At Westport Fuel Systems, we think ahead. For more information, visit www.wfsinc.com.

 

For more information, contact:

Westport Media Relations		Westport Investor Relations
T: +1 947-339-8097		T: +1 604-718-2046
E: media@wfsinc.com		E: invest@wfsinc.com

FAQ

What did Westport Fuel Systems announce on February 15, 2023?

Westport Fuel Systems announced that it has regained compliance with Nasdaq's minimum bid price requirement.

What is Westport's stock symbol?

Westport's stock symbol is WPRT.

How long did Westport's share price meet Nasdaq's requirements?

Westport's share price met Nasdaq's requirements for ten consecutive business days.

What was the closing bid price that allowed Westport to regain compliance?

The closing bid price that allowed Westport to regain compliance was $1.00 or greater.

What is the significance of regaining compliance for WPRT stock?

Regaining compliance is significant for WPRT stock as it ensures the company continues to be listed on the Nasdaq, which is crucial for investor confidence.