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 April 22, 2024, Arcimoto, Inc. (the “Company”) received a letter from the Listing Qualifications Staff (the “Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that its common stock is now subject to delisting from Nasdaq. The Company failed to comply with Nasdaq Listing Rules 5450(a)(1), 5450(b)(1)(A), 5250(c)(1) and 5250(f) and did not cure such failure. The common stock will be delisted on May 1, 2024 unless the Company requests an appeal, pays the $20,000 appeal fee and requests a stay of delisting, pending the hearing. The appeal panel will review any such request and notify the Company of its decision no later than 15 calendar days after the request.
The Company also received notice it failed to maintain a minimum market value of publicly held shares of $15,000,000 for greater than 30 consecutive business days under Nasdaq Listing Rule 5450(b)(2)(c). If the Company regains this minimum market value for ten consecutive business days during the next 180 days, it will regain compliance.
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: April 25, 2024 | By: | /s/ Christopher Dawson |
| Christopher Dawson | ||
| Chief Executive Officer | ||