Phoenix Motor Receives Delinquency Notification Letter from Nasdaq – Potential Non-Compliance with Listing Rule 5250(c)(1)

Phoenix Motor Inc. (NASDAQ: PEV) recently disclosed its reception of a delinquency notification letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC, citing potential non-compliance with Nasdaq Listing Rule 5250(c)(1). This notification follows the company’s failure to timely file its Quarterly Report on Form 10-Q for the quarter ending September 30, 2024.

According to the Listing Rule, listed companies are obligated to promptly file all necessary periodic financial reports with the Securities and Exchange Commission (SEC). While the deficiency letter does not presently impact the listing status of Phoenix Motor’s common stock, the company’s shares will continue to trade on The Nasdaq Capital Market under the symbol “PEV.”

As per Nasdaq regulations, Phoenix Motor has until January 21, 2025 – a period of 60 calendar days from the notification date – to submit a compliance plan. Upon acceptance, Nasdaq may extend a 180-day allowance from the original Form 10-Q due date (May 19, 2025) for the company to achieve compliance. However, if the proposed plan is rejected, Phoenix Motor can appeal the decision to a Nasdaq Hearings Panel.

Phoenix Motor has assured stakeholders of its commitment to rectifying the situation promptly by completing and submitting the Form 10-Q in due course. The company has also taken steps to comply with Nasdaq Listing Rule 5810(b by issuing a press release on November 21, 2024, outlining the receipt of the deficiency notice.

While recognizing the importance of prompt disclosure, Phoenix Motor has emphasized the unpredictability associated with the situation. The company underscored that forward-looking statements, as per the Private Securities Litigation Reform Act of 1995, may not necessarily guarantee future performance. It noted the potential disparity between actual actions and statements, advising investors to refer to SEC filings for a comprehensive understanding of risks associated with forward-looking statements.

This article contains excerpts from the Form 8-K filing submitted to the Securities and Exchange Commission by Phoenix Motor Inc. Information relevant to future compliance efforts and additional disclosures can be found in the company’s official filings. The company will timely update any developments or changes in accordance with legal requirements.

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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Phoenix Motor’s 8K filing here.

Phoenix Motor Company Profile

Phoenix Motor Inc designs, develops, manufactures, assembles, and integrates electric drive systems, and light and medium duty electric vehicles in the United States and internationally. It provides chargers, electric forklifts, shuttle buses, Type A school buses, utility and service trucks, flatbed and cargo trucks, and walk-in vans.