Vicinity Motor (VEV) has received a letter from the Nasdaq Listing Qualifications Department notifying the Company of its failure to meet the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). The letter stated that as of October 21, 2024, the Company’s stock had not regained compliance, as its shares continued to trade below $1. Additionally, the Company received a separate delisting determination based on its recent entry into receivership pursuant to the Order of the Supreme Court of British Columbia. In light of the receivership filing, Nasdaq has determined that delisting is also warranted under Listing Rules 5101, 5110(b), and IM-5101-1. The Company will not appeal the decision, and trading of its common shares will be suspended at the opening of business on October 31, 2024, with a Form 25-NSE filed with the Securities and Exchange Commission, removing Vicinity Motor Corp. from the Nasdaq Capital Market.
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