Phoenix Motor Inc. Receives Notice of Non-Compliance from Nasdaq

Phoenix Motor Inc. (NASDAQ: PEV) recently disclosed in an SEC filing that it received a notice from The Nasdaq Stock Market LLC indicating its non-compliance with Nasdaq’s listing rules. The notification highlighted the company’s failure to hold an annual meeting of shareholders within twelve months of its fiscal year end, as required by Nasdaq Listing Rule 5620(a.

Per Nasdaq Listing Rule 5810(c)(2)(G), Phoenix Motor Inc. has 45 calendar days to submit a plan to regain compliance. If accepted, Nasdaq may grant the company an extension of up to 180 days from the fiscal year end (until June 30, 2025) to meet compliance requirements. The company intends to submit a compliance plan within the stipulated period.

Despite this notice, Phoenix Motor’s common stock, under the trading symbol “PEV,” will continue to trade on The Nasdaq Capital Market uninterrupted at this time. The company shared forward-looking statements cautioning that compliance with Nasdaq listing rules may not be guaranteed, the company might not regain compliance within the provided timeline, and further actions from Nasdaq could affect their continued listing status.

The company emphasized that actual performance may vary from forward-looking statements due to inherent risks and uncertainties. For comprehensive information on factors that could impact actual results, reference to Phoenix Motor’s filings with the SEC is advised. The content of the report, dated January 10, 2025, is restricted to the information provided therein without the obligation to update forward-looking statements unless mandated by law.

As of January 13, 2025, the report was authorized and signed by Xiaofeng Denton Peng, Chief Executive Officer, and Chairman of the Board on behalf of Phoenix Motor Inc.

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.