$Nxu Inc (NXU.US)$ Have they received noncompliance notice a...
$Nxu Inc (NXU.US)$ Have they received noncompliance notice and if so when.
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OPINIONS ARE NOT FINANCIAL ADVICE
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MARKET-TEST-DUMMY OP : Been below 1 since early Feb. Right after RS. How long before compliance letter is sent? Then 180d from letter to comply?
MARKET-TEST-DUMMY OP : Is it even possible to do another 10-1 RS at just under 12M total shares? Is this how companies get shorted to OTC?
Jeanel : On April 2, 2024, Nxu Inc. (the “Company”) received a notice (“Notice”) from NASDAQ Stock Markets Limited (“NASDAQ”) stating that the Company has not complied with the minimum bid requirement of $1.00 (a) (2) to continue listing on the NASDAQ Capital Market (“Purchase Price Requirement”) as stipulated in NASDAQ Listing Rule 5550 (a) (2).
The notice did not immediately take effect for the company's Class A common stock listed on the NASDAQ. According to NASDAQ listing rules, the company will have 180 calendar days or until September 30, 2024 to resume compliance with bid price requirements. If at any time before September 30, 2024, the bid for the Company's common stock closes at or above $1.00 per share for at least ten consecutive business days, a NASDAQ employee (“Employee”) may provide the Company with written confirmation of compliance, and the matter will be settled.
Alternatively, if the company fails to resume compliance with the tender price requirements by September 30, 2024, the company may be eligible to extend the compliance period for an additional 180 calendar days, provided that (i) it satisfies the continuous listing requirements for publicly held shares and all other applicable requirements for initial listing on the NASDAQ capital market (other than bid requirements), and (ii) it provides it with written notice that NASDAQ indicates its intention to make up for this deficiency by the following measures during the second compliance period to reverse stock splitting if necessary. If the company does not resume compliance with the bid price requirements before the initial period expires, and if the employee believes that the company is unable to remedy the defect, or if the company has no other qualifications, the staff will provide the company with written notice that its securities will be delisted from the NASDAQ capital market. At that time, the company can appeal the delisting decision to the hearing team.