Vroom received non-compliance notice from Nasdaq over minimum bid price

Vroom announced it has filed a preliminary proxy statement with the U.S. Securities and Exchange Commission, SEC, regarding a special stockholders’ meeting to be held on February 5, 2024 to authorize Vroom’s Board of Directors to effect a reverse stock split of the Company’s common stock at an exchange ratio between 1-for-35 to 1-for-80. On December 21, 2023, the Company received written notice from The Nasdaq Stock Market notifying the Company that, for the last 30 consecutive business days, the bid price for the Company’s common stock had closed below the $1.00 per share minimum bid price requirement for continued inclusion on The Nasdaq Global Select Market. The notice has no immediate effect on the listing of the Company’s common stock. In accordance with Nasdaq requirements, the Company has a period of 180 calendar days, or until June 18, 2024, to regain compliance with the minimum bid price requirement. The Board will determine the final split ratio after stockholder approval and would retain the authority to abandon the Reverse Stock Split at any time or to delay or postpone it.