Tempo Automation Holdings, Inc. Announces Commencement of Nasdaq Delisting Proceedings
28 October 2023 - 12:15AM
Tempo Automation Holdings, Inc. (NASDAQ: TMPO) (the “Company”)
announced today that on October 24, 2023, the Company received a
letter from the Listing Qualifications Department of the Nasdaq
Stock Market LLC (“Nasdaq”). As previously disclosed, on April 24,
2023, Nasdaq had notified the Company that the market value of its
listed securities had been below the minimum $50,000,000 required
for continued listing as set forth in Listing Rule 5450(b)(2)(A)
(the “Market Value Rule”) for the previous 30 consecutive trading
days and, in accordance with Listing Rule 5810(c)(3)(C), the
Company was provided 180 calendar days, or until October 23, 2023,
to regain compliance with the Market Value Rule. Additionally, on
August 17, 2023, Nasdaq had notified the Company that it had not
filed its Form 10-Q for the period ended June 30, 2023, and as a
result, failed to comply with Nasdaq’s filing requirement for
continued listing as set forth in Listing Rule 5250(c)(1) (the
“Delinquency Rule”). As a result, the Company was required to
submit its plan to regain compliance with the Delinquency Rule by
October 26, 2023. In its October 24 letter, Nasdaq notified the
Company that, pursuant to Listing Rule 5810(d)(2), these
deficiencies serve as additional and separate bases for delisting,
and as a result, the Company's securities will be delisted from The
Nasdaq Global Market. Unless the Company requests an appeal of this
determination as described below, trading of the Company’s common
stock and warrants will be suspended at the opening of business on
November 2, 2023, and a Form 25-NSE will be filed with the
Securities and Exchange Commission (the “SEC”), which will remove
the Company’s securities from listing and registration on The
Nasdaq Stock Market. The Company does not intend to appeal Nasdaq's
determination.
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, Nasdaq’s intention to remove the
Company’s securities from listing and registration on The Nasdaq
Stock Market. 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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