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SEARCHA recent receivership ruling and falling stock value cause Vicinity to be removed from the Nasdaq.
Vicinity Motor Corp. will be delisted from the Nasdaq on October 31
Photo: Vicinity/METRO
Vicinity Motor Corp (Vicinity) announced that it 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, Vicinity 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.
Vicinity 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 Exchange Commission, removing Vicinity Motor Corp. from the Nasdaq Capital Market.
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