e.GO Receives Nasdaq Notice Regarding Minimum Bid Price Requirement
16 December 2023 - 8:25AM
Next.e.GO N.V. (Nasdaq: EGOX) (“e.GO” or the “Company”) today
announced that on December 12, 2023 the Company received a notice
(the “Notice”) from the Nasdaq Stock Market LLC (“Nasdaq”) stating
that the Company is not in compliance with the minimum bid price
requirement ("Minimum Bid Requirement") of US$1.00 per share under
Nasdaq Listing Rule 5450(a)(1) based upon the closing bid price of
the Company’s common stock for the 30 consecutive business days
prior to the date of the Notice. This announcement is made pursuant
to Nasdaq Listing Rule 5810(b).
The Notice has no immediate effect on the
listing or trading of the Company’s common stock on Nasdaq, and the
Company’s operations are not affected by the receipt of the
Notice.
In accordance with Nasdaq Listing Rule
5810(c)(3)(A), the Company has 180 calendar days from the date of
the Notice, or until June 10, 2024, to regain compliance with the
minimum bid price requirement. To regain compliance, the bid price
for the Company’s Ordinary Shares must close at $1.00 per share or
more for a minimum of 10 consecutive business days. In the event
the Company does not regain compliance by June 10, 2024, the
Company may be eligible for an additional grace period of 180
calendar days to regain compliance.
The Company will closely monitor the closing bid
price of its common stock and is considering its options to regain
compliance with the Minimum Bid Requirement under the Nasdaq
Listing Rules.
About e.GO
Headquartered in Aachen, Germany, e.GO designs
and manufactures battery electric vehicles for the urban
environment, with a focus on convenience, reliability and
affordability. e.GO has developed a disruptive solution for
producing its electric vehicles using proprietary technologies and
low cost MicroFactories, and has vehicles already on the road
today. e.GO is helping cities and their inhabitants improve the way
they get around and is making clean and convenient urban mobility a
reality. Visit https://www.e-go-mobile.com/ to learn more.
Forward-Looking Statements
This press release includes “forward-looking
statements.” The Company’s actual results may differ from its
expectations, estimates and projections and consequently, you
should not rely on these forward-looking statements as predictions
of future events. Words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,”
“will,” “could,” “should,” “believe,” “predict,” “potential,”
“continue,” “aim” and similar expressions are intended to identify
such forward-looking statements. These forward-looking statements
include, without limitation, the Company’s expectations, hopes,
beliefs, intentions, or strategies for the future, including those
that relate to the Company’s share price and good standing with
Nasdaq. These forward-looking statements involve significant risks
and uncertainties that could cause the actual results to differ
materially from the expected results. You should carefully consider
the risks and uncertainties described in the documents filed by the
Company from time to time with the SEC. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Most of these factors are
outside the Company’s control and are difficult to predict. The
Company cautions not to place undue reliance upon any
forward-looking statements, including projections, which speak only
as of the date made. The Company does not undertake or accept any
obligation to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions, or circumstances
on which any such statement is based.
e.GO Contacts For Investors: Timo Wamig
ir@e-go-mobile.com
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