Tempo Automation Receives Nasdaq Notification of Noncompliance with Listing Rule 5250(c)(1)
23 August 2023 - 7:30PM
Tempo Automation Holdings, Inc. (NASDAQ: TMPO, the “Company”), a
leading software-accelerated electronics manufacturer, today
announced that it had received a letter (the “Letter”) from the
Listing Qualifications Department of The Nasdaq Stock Market LLC
(“Nasdaq”) notifying the Company that, because the Company has not
yet filed its Form 10-Q for the period ended June 30, 2023 (the
“Filing”), the Company no longer meets the requirements for
continued listing on the Nasdaq Global Market under Nasdaq Listing
Rule 5250(c)(1) (the “Periodic Filing Rule”). The Letter is only a
notification of deficiency, not of imminent delisting, and has no
current effect on the listing or trading of the Company’s
securities.
In accordance with Nasdaq Listing Rule
5810(c)(2)(F), the Company will have 60 calendar days, or until
October 16, 2023 (the “Plan Date”), to submit a plan to regain
compliance with the Periodic Filing Rule (the “Plan”), and if
Nasdaq accepts the Plan, Nasdaq can grant an exception of up to 180
calendar days from the Filing’s due date, or until February 12,
2024 (the “Compliance Date”), to regain compliance. Nasdaq will
consider things such as the following when determining whether to
accept the Plan: (i) the likelihood that the Filing, along with any
subsequent periodic filing that will be due, can be made within the
180-calendar day period; (ii) the Company’s past compliance
history; (iii) the reasons for the late Filing; (iv) other
corporate events that may occur within Nasdaq’s review period; (v)
the Company’s overall financial condition; and (vi) the Company’s
public disclosures. If the Company submits the Plan, Nasdaq will
review the Plan and provide the Company with written notice of its
decision regarding whether to grant an exception.
In the event that (i) the Company does
not (a) submit the Plan by the Plan Date, or (b) regain compliance
with the Periodic Filing Rule by the Compliance Date, or (ii)
Nasdaq does not accept the Plan, the Company will receive written
notification that its securities are subject to delisting. At that
time, the Company may appeal the delisting determination to a
Hearings Panel. The Company intends to consider available options
to regain compliance with the Periodic Filing Rule. There can be no
assurance that the Company will be able to submit the Plan by the
Plan Date, or if it does, that Nasdaq will accept the Plan or that
execution of the Plan will result in the Company successfully
regaining compliance with the Periodic Filing Rule by the
Compliance Date.
About Tempo
Tempo is a leading software-accelerated
electronics manufacturer, transforming the way top companies
innovate and bring new products to market. Tempo’s unique automated
manufacturing platform optimizes the complex process of printed
circuit board manufacturing to deliver unmatched quality, speed and
agility. The platform’s all-digital process automation, data-driven
intelligence, and connected smart factory create a distinctive
competitive advantage for customers—to deliver tomorrow’s products
today. From rockets to robots, autonomous cars to drones, many of
the fastest-moving companies in industrial tech, medical
technology, space, and other industries partner with Tempo to
accelerate innovation and set a new tempo for progress. Learn more
at www.tempoautomation.com.
Forward-Looking Statements
This press release includes information
that constitutes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Words such
as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”,
“believe”, “may”, “might”, “will”, “should”, “can have”, “likely”
and similar expressions are used to identify forward-looking
statements. These forward-looking statements are based on the
Company’s current beliefs, assumptions and expectations regarding
future events, which in turn are based on information currently
available to the Company. By their nature, forward-looking
statements address matters that are subject to risks and
uncertainties. A variety of factors could cause actual events and
results to differ materially from those expressed in or
contemplated by the forward-looking statements. These factors
include, without limitation, the Company's ability to timely and
satisfactorily submit the Plan, the Company’s ability to respond in
a timely and satisfactory manner to any additional inquiries by
Nasdaq, the Company’s ability to regain compliance with the
Periodic Filing Rule, the Company’s ability to become current with
its reports with the Securities and Exchange Commission (the
“SEC”), and the risk that the completion and filing of the Form
10-Q will take longer than expected. For additional information
about factors that could cause actual results to differ materially
from those described in the forward-looking statements, please
refer to the Company’s filings with the SEC, including the risk
factors contained in its most recent Annual Report on Form 10-K and
the Company’s other subsequent filings with the SEC. The Company
undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise, except to the extent required by
applicable laws.
Contact:
Investor Relations
ir@tempoautomation.com
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