Vicinity Granted Nasdaq Extension to Meet Minimum Bid Price Rule

Vicinity Motor Corp. received a letter from The Nasdaq Stock Market LLC (Nasdaq), dated April 23, notifying the company that Nasdaq has determined Vicinity is eligible for an additional 180 calendar day period to regain compliance with Nasdaq's minimum $1 bid price, per share requirement, for continued listing on The Nasdaq Capital Market as set forth under Nasdaq Listing Rule 5550(a)(2), following the expiration on April 22 of the initial 180 calendar day period to regain compliance.

As previously disclosed, the company was initially notified by Nasdaq on October 24, 2023 that the company was not in compliance with the Bid Price Requirement for a period of 30 consecutive business days, and Nasdaq granted Vicinity a period of 180 calendar days, or until April 22, to regain compliance with the Bid Price Requirement.

Impact of Nasdaq’s Decisions

As a result of the extension, Vicinity now has until October 21, 2024, to regain compliance with the Bid Price Requirement.

To regain compliance, the company's common shares must have a closing bid price of at least $1 per share for a minimum of 10 consecutive business days, at which point the matter will be closed.

The receipt of the letter from Nasdaq has no immediate effect on the listing or trading of the company's shares, which will continue to trade on The Nasdaq Capital Market under the symbol "VEV."

Vicinity said it will monitor the closing price for its common shares during the extended compliance period and intends to take all reasonable measures available to regain compliance under the Bid Price Requirement and to maintain the listing of its common shares on The Nasdaq Capital Market.