Vicinity Motor (VEV) has received a letter from the Nasdaq Listing Qualifications Department notifying the Company of its failure to meet the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). The letter stated that as of October 21, 2024, the Company’s stock had not regained compliance, as its shares continued to trade below $1. Additionally, the Company received a separate delisting determination based on its recent entry into receivership pursuant to the Order of the Supreme Court of British Columbia. In light of the receivership filing, Nasdaq has determined that delisting is also warranted under Listing Rules 5101, 5110(b), and IM-5101-1. The Company will not appeal the decision, and trading of its common shares will be suspended at the opening of business on October 31, 2024, with a Form 25-NSE filed with the Securities and Exchange Commission, removing Vicinity Motor Corp. from the Nasdaq Capital Market.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on VEV:
- Vicinity Motor downgraded to Sell from Neutral at Alliance Global Partners
- Vicinity Motor Corp. Faces Receivership and Trading Halt
- Vicinity Motor receives notice from RBC of intent to file receivership order
- Vicinity Motor Faces Shutdown as Restructuring Fails
- Vicinity Motor Announces Delay in Financial Reporting
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
