Arrival Announces Receipt of Nasdaq Non-Compliance Letter Regarding Minimum Bid Price Requirement
04 November 2022 - 07:05AM
On October 31, 2022, Arrival (NASDAQ: ARVL) (the “Company”),
inventor of a unique new method of design and production of
electric vehicles (EVs) by local Microfactories, received a
notification (the “Notification”) from The Nasdaq Stock Market LLC
(“Nasdaq”) that the Company no longer satisfies Nasdaq Listing Rule
5450(a)(1) because the closing bid price of the Company’s ordinary
shares (the “Shares”) was below $1.00 per Share for 30 consecutive
business days preceding the date of the Notification.
The Notification has no immediate effect on the
listing of the Shares, and the Shares continue to trade on the
Nasdaq Capital Market under the symbol "ARVL”.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A),
the Company is provided with a grace period of 180 days, or until
May 1, 2023, to meet the minimum bid price requirement under the
Nasdaq Listing Rules. If at any time during the 180-day grace
period, the closing bid price of the Shares is $1.00 per Share or
higher for at least ten consecutive business days, Nasdaq will
provide the Company written confirmation of compliance and the
matter will be closed. In the event the Company does not regain
compliance within the 180-day grace period, the Company may be
eligible for an additional 180-day grace period if it applies to
transfer the listing of the Shares to the Nasdaq Capital Market. To
qualify, the Company would be required to meet the continued
listing requirement for the market value of its publicly held
Shares and all other initial listing standards for the Nasdaq
Capital Market, with the exception of the minimum bid price
requirement, and provide written notice of its intention to cure
the minimum bid price deficiency during the second compliance
period by effecting a reverse stock split, if necessary. If the
Nasdaq staff determines that the Company will not be able to cure
the deficiency, or if the Company is otherwise not eligible for
such additional compliance period, Nasdaq will provide notice that
the Shares will be subject to delisting. The Company would have the
right to appeal a determination to delist the Shares, and the
Shares would remain listed on the Nasdaq Global Market until the
completion of the appeal process
The Company intends to monitor the closing bid
price of its Shares during the grace period and will consider its
options in order to regain compliance with Nasdaq’s minimum bid
price requirement.
About Arrival
Arrival’s mission is to master a radically more
efficient New Method to design, produce, sell and service best-ever
electric vehicles, to support a world where cities are free from
fossil fuel vehicles. Arrival’s in-house technologies enable a
unique approach to producing vehicles using rapidly-scalable, local
Microfactories. Arrival (NASDAQ: ARVL) is a joint stock company
governed by Luxembourg law.
Forward-looking statements
This press release contains certain
forward-looking statements within the meaning of the federal
securities laws, including statements regarding the Company’s
intentions and considerations regarding regaining compliance with
the minimum bid price requirement. Such statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and are based on management’s belief
or interpretation of information currently available.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release.
Media Contacts For Arrival
Media pr@arrival.com Investors
ir@arrival.com
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