Summary by Moomoo AI
On October 29, 2024, Zoomcar received a deficiency notice from Nasdaq indicating that its publicly held shares fell below the 1,100,000 minimum requirement for continued listing on The Nasdaq Global Market. The company has 45 days to submit a compliance plan, with potential extension up to 180 days if Nasdaq accepts the plan.This marks Zoomcar's third Nasdaq compliance issue in 2024, following previous notices regarding minimum bid price and market value requirements. The company must regain compliance with these standards by November 4, 2024, or face delisting. While the current notice doesn't immediately affect trading under "ZCAR" symbol, the company may alternatively apply for transfer to the Nasdaq Capital Market with reduced compliance standards.In case of non-compliance, Zoomcar will have the opportunity to appeal before a Nasdaq Hearings Panel, though success is not guaranteed. A transfer to Nasdaq Capital Market would require meeting its listing requirements and a $5,000 application fee.
