Sono Group Receives Additional Staff Determination Letter From Nasdaq That The Co Bid Price Of Its Listed Securities Closed At Less Than $1/Share Over The Previous 30 Consecutive Business Days, As A Result, Did Not Comply With Listing Rule 5450(a)(1)
Portfolio Pulse from Happy Mohamed
Sono Group N.V. (NASDAQ:SEV) has received a staff determination letter from Nasdaq stating that the company's bid price of its listed securities had closed at less than $1 per share over the previous 30 consecutive business days, violating Listing Rule 5450(a)(1). The company was given until September 18, 2023, to regain compliance. The letter also mentioned that the company's common stock has been below $0.10 for the past 12 consecutive trading days, and the resignation of four of five members of the company's supervisory board, both of which serve as additional bases for delisting the company's securities from Nasdaq. The company has requested a hearing to appeal the delisting determination.
September 01, 2023 | 8:32 pm
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NEGATIVE IMPACT
Sono Group's stock price is likely to be negatively impacted due to the potential delisting from Nasdaq. The company's failure to meet the minimum bid price requirement and the resignation of the majority of its supervisory board members are serious concerns for investors.
The news of potential delisting from Nasdaq due to non-compliance with listing rules is a significant negative development for Sono Group. This, coupled with the resignation of the majority of its supervisory board members, creates uncertainty about the company's governance and future, which is likely to negatively impact the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100