NWTN Inc. receives delisting determination from Nasdaq, intends to appeal

NWTN Inc. (NWTN) announced that it received a determination notice from the staff of Nasdaq informing the company that as a result of the company’s failure to file its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the SEC and regain compliance with Nasdaq Listing Rule 5250 by November 11, the staff has determined that, unless the company requests an appeal by November 19, Nasdaq will suspend trading of the company’s ordinary shares and warrants at the opening of business on November 21 and will file a Form 25-NSE with the SEC, which will remove the company’s securities from listing and registration on Nasdaq. The determination does not result in the immediate suspension of trading or delisting of the company’s securities, and the Nasdaq listing rules provide a procedure for the company to appeal the determination and seek a stay of suspension pending the appeal. Pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series, the company may appeal the determination to a hearings panel, which request will stay the trading suspension for 15 days from the date of the request. When the company requests a hearing, it may also request an extended stay of the suspension, pending the hearing. The company’s requests for a hearing and for an extended stay must be received by November 19. By November 19, the company intends to request for a hearing to appeal the determination, and for an extended stay of the trading suspension until the panel has rendered a decision on the appeal. The company is working diligently to file the 2023 annual report as soon as practicable. Although the company will use all reasonable efforts to regain compliance with Nasdaq Listing Rule 5250(c)(1), there can be no assurance that the company will be able to regain compliance with that rule or will otherwise be in compliance with other Nasdaq listing criteria. There can be no assurance that the panel will grant the company’s request for continued listing or stay the suspension of the company’s securities.