Arcimoto Inc. filed SEC Form 8-K: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
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Item 3.01 Notice of Delisting of Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On February 21, 2024, Arcimoto, Inc. (the “Company”) received a letter from the Listing Qualifications Staff (the “Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the stockholders’ equity had fallen below $10,000,000 and, as a result, the Company is not in compliance with Nasdaq Listing Rule 5450(b)(1)(A). Nasdaq’s notice has no immediate effect on the listing of the Company’s Common Stock on Nasdaq.
The Company has 45 calendar days to submit a plan to regain compliance. If the plan is accepted, Nasdaq may grant an extension of up to 180 calendar days from February 21, 2024 to evidence compliance. Alternatively, the Company may attempt to regain compliance by transferring to the Nasdaq Capital Market. To qualify, the Company would need to submit a Transfer Application and a $5,000 application fee. In addition, the Company would be required to meet the continued listing requirement and all other initial listing standards for initial listing on the Nasdaq Capital Market.
If the Staff concludes that the Company will not be able to cure the deficiency, or should the Company determine not to submit a transfer application or make the required representation, the Staff will provide notice that the Company’s securities will be subject to delisting. The Company intends to submit a plan to regain compliance.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ARCIMOTO, INC. | ||
| Date: February 23, 2024 | By: | /s/ Christopher Dawson |
| Christopher Dawson | ||
| Chief Executive Officer | ||
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