EZGO Technologies Ltd., 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.