No Immediate Effect on Nasdaq Listing or
Trading of EZGO's Ordinary Shares
CHANGZHOU, China, Dec. 6, 2022
/PRNewswire/ -- EZGO Technologies Ltd. (Nasdaq: EZGO) ("EZGO"
or the "Company"), a leading short-distance transportation
solutions provider in China, today
announced that it has received a notification letter from Nasdaq
Stock Market LLC that the Company has been granted an additional
180-day compliance period, or until May 29,
2023 to regain compliance with Nasdaq's minimum bid price
rule.
Nasdaq's determination is based on the Company meeting the
continued listing requirement for market value of publicly held
shares and all other applicable requirements for initial listing on
the Capital Market, with the exception of the bid price
requirement, and the Company's written notice of its intention to
cure the deficiency during the second compliance period and if
necessary, by effecting a reverse stock split.
In a notification letter dated June 3,
2022, Nasdaq had informed the Company that, based on the
previous 30 consecutive business days, the Company's ordinary
shares, par value US$0.001 per share
("Ordinary Shares") no longer met the minimum $1 bid price per share requirement. Therefore, in
accordance with Nasdaq's Listing Rules, the Company was provided
180 calendar days, or until November 30,
2022, to regain compliance.
If at any time before May 29,
2023, the closing bid price of the Company's Ordinary Shares
is at least $1.00 per share for a
minimum of 10 consecutive business days, the Company will regain
compliance with this Nasdaq rule and this matter will be
closed.
This current notification from Nasdaq has no immediate effect on
the listing or trading of the Company's Ordinary Shares, which will
continue to trade on the Nasdaq Capital Market under the symbol
"EZGO".
The Company intends to monitor the closing bid price of its
Ordinary Shares between now and May 29,
2023, and intends to consider available options to cure the
deficiency and regain compliance with the minimum bid price
requirement within the second compliance period. The Company's
Ordinary Shares will continue to be listed and trade on the Nasdaq
Capital Market during this period, unaffected by the receipt of the
written notice from Nasdaq.
This announcement is made in compliance with Nasdaq Listing Rule
5810(b), which requires prompt disclosure of receipt of a
deficiency notification.
About EZGO Technologies Ltd.
Leveraging an Internet of Things (IoT) product and service
platform and three e-bicycle brands, "EZGO", "Dilang" and
"Cenbird", EZGO has established a business model centered on the
manufacturing and sale of two- and three-wheeled electric vehicles,
lithium batteries, complemented by the e-bicycle charging pile
business. For additional information, please visit EZGO's website
at www.ezgotech.com.cn. Investors can visit the
"Investor Relations" section of EZGO's website
at www.ezgotech.com.cn/Investor.
Safe Harbor Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate," or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's future
business development; product and service demand and acceptance;
changes in technology; economic conditions; the growth of the
short-distance transportation solutions market in China and the other international markets the
Company plans to serve; reputation and brand; the impact of
competition and pricing; government regulations; fluctuations in
general economic and business conditions in China and the international markets the
Company plans to serve and assumptions underlying or related to any
of the foregoing and other risks contained in reports filed by the
Company with the Securities and Exchange Commission ("SEC"),
including the Company's most recently filed Annual Report on Form
20-F and its subsequent filings. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov. The Company
undertakes no obligation to publicly revise these forward‐looking
statements to reflect events or circumstances that arise after the
date hereof.
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SOURCE EZGO Technologies Ltd.