Lightning eMotors Receives Continued Listing Standards Notice from the NYSE

Rhea-AI Summary

Lightning eMotors, Inc. (NYSE: ZEV) received a notice from the New York Stock Exchange on December 14, 2022, indicating non-compliance with the minimum average closing share price requirement of $1.00 over 30 consecutive trading days. The company has six months to address this issue and may consider a reverse stock split as a potential solution. During this period, the stock will remain listed on the NYSE, and the notice does not impact its business operations or reporting obligations with the Securities and Exchange Commission.

Positive

• Lightning eMotors has six months to regain compliance with NYSE listing standards.
• The company's stock will continue to be listed and traded on the NYSE during the cure period.

Negative

• Received notice of non-compliance with NYSE's continued listing standards.
• May require a reverse stock split to regain compliance.

LOVELAND, Colo.--(BUSINESS WIRE)-- Lightning eMotors, Inc. (NYSE: ZEV), a leading provider of zero emission medium-duty commercial vehicles and electric vehicle technology for fleets, announced today that on December 14, 2022, it received written notice from the New York Stock Exchange (the “NYSE”) that it is not in compliance with the NYSE’s continued listing standard that requires a minimum average closing share price of $1.00 over 30 consecutive trading days (the “Notice”).

The Company has notified the NYSE of its intent to cure the deficiency. The Company has six months following receipt of the Notice to cure the deficiency and regain compliance. The Company informed the NYSE that it intends to regain compliance, and is considering all available options that are in the best interests of the Company and its shareholders, including a reverse stock split of its common stock. The Company can regain compliance with the NYSE continued listing requirements at any time during a six-month cure period if, on the last trading day of any calendar month during the cure period, the common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month.

During the cure period, the Company’s common stock will continue to be listed and traded on the NYSE. The Notice does not affect the Company’s business operations or its reporting requirements with the Securities and Exchange Commission.

About Lightning eMotors

Lightning eMotors (NYSE: ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2018 – including Class 3 cargo and passenger vans, ambulances, Class 4 and 5 cargo vans and shuttle buses, Class 4 Type A school buses, Class 6 work trucks, Class 7 city buses, and motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at http://lightningemotors.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. We undertake no obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as may be required under applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221216005434/en/

Brian Smith

investorrelations@lightningemotors.com

Source: Lightning eMotors, Inc.

FAQ

What did Lightning eMotors announce regarding its stock on December 14, 2022?

Lightning eMotors announced it received a notice from the NYSE for not meeting the $1.00 minimum average closing share price requirement.

How long does Lightning eMotors have to cure its NYSE compliance issue?

Lightning eMotors has six months to cure the compliance issue and regain compliance with the NYSE listing standards.

What actions is Lightning eMotors considering to address its stock price compliance?

The company is considering options, including a reverse stock split, to regain compliance with NYSE standards.

Will Lightning eMotors' stock continue to be traded on the NYSE during the compliance period?

Yes, the stock will continue to be listed and traded on the NYSE during the six-month cure period.