- Phoenix Motor Inc. (PEV, Financial) appeals Nasdaq delisting due to non-compliance issues.
- Company transitions to over-the-counter (OTC) trading to maintain stock availability.
- Proposed reverse stock split and scheduled shareholder meeting aim to address compliance.
Phoenix Motor Inc. (PEV) has formally appealed a decision by Nasdaq to delist its stock following a suspension that took effect on April 15, 2025. The suspension occurred due to the company's non-compliance with the minimum bid price requirement and its failure to hold a 2024 annual shareholder meeting.
In response, Phoenix Motor Inc. has requested a hearing before the Nasdaq Hearings Panel and initiated a transition to over-the-counter (OTC) trading. As part of its compliance efforts, the Board is recommending a reverse stock split with a ratio ranging from 1-for-1.5 to 1-for-5. This measure is designed to meet the minimum bid price requirement.
The annual shareholder meeting, which is now scheduled for April 18, 2025, at Phoenix Motor's Anaheim headquarters, aims to resolve governance issues. The company continues to focus on its operations and growth strategies, stating its commitment to transparency with investors through this transition period.
Phoenix Motor Inc., known for its role in the electric vehicle industry, designs and manufactures heavy-duty transit buses and medium- to light-duty commercial EVs. Despite the current challenges, Phoenix Motor aims to continue its trajectory as a leader in electric vehicle technologies.
