SRIVARU Holding Completes the Interim Audit and Advances Plan to Comply with Nasdaq Listing Standards
GRAND CAYMAN, Cayman Islands, Nov. 18, 2024 (GLOBE NEWSWIRE) -- SRIVARU Holding Limited (NASDAQ:SVMH, SVMHW)) ("SRIVARU" or the "Company"), a manufacturer of premium electric motorcycles, today announced progress in its efforts to gain compliance with Nasdaq listing standards. On September 18, 2024, the Company received a letter from the Office of the General Counsel of The Nasdaq Stock Market LLC ("Nasdaq") confirming the Nasdaq Hearing Panel's (the "Panel") decision to grant SRIVARU's request for continued listing on Nasdaq. This decision allowed the Company additional time to execute its compliance plan (the "Plan"), subject to the condition that SRIVARU demonstrate compliance with certain requirements for continued listing by November 14, 2024. The Panel would then evaluate the Company's progress and consider its request for additional time to complete the Plan.
On November 14, 2024, SRIVARU submitted its Interim Audited Financials as of October 31, 2024 via Form 6-K, showcasing compliance with the Nasdaq Capital Market's shareholder equity requirements for continued listing. Based on this submission, the Company believes it now meets the minimum shareholder equity thresholds to transition its listing from the Nasdaq Global Market to the Nasdaq Capital Market using that market's continued listing standards. The Company is awaiting the Panel's response to its submission.
Mohanraj Ramasamy, Chief Executive Officer of SRIVARU Holding Limited, stated, "The completion of our interim audit and submission to the Nasdaq marks an important milestone in our compliance journey. With the recent equity infusion, we are now focused on driving growth. Our top priorities include expanding sales and increasing production volume. To support these efforts, we have made strategic hires to strengthen our sales team and accelerate the establishment of new dealership partnerships. These initiatives are critical to scaling our operations and enhancing our market presence."
About SRIVARU
SRIVARU Holding Limited, a Cayman Islands exempted company, is the parent company of SRIVARU Motor Private Ltd., a commercial-stage provider dedicated to designing and manufacturing premium electric motorcycles in India. SRIVARU was founded on the realization that while the rider-motorcycle relationship is deep and complex, it is in desperate need of innovation for the next generation of riders. SRIVARU provides affordable premium E2W vehicles that provide an exceptional riding experience with redundant 3-channel automated braking, a low center of gravity to improve stability, enhanced safety features, and easy charging compatible with home charging outlets. The Company has a broad array of intellectual property, including a patent-pending chassis and drive acceleration system. In addition, SRIVARU offers customers a superior total cost of ownership compared to traditional internal combustion engine motorcycles and E2W vehicle competitors. SRIVARU additionally oversees a manufacturing subsidiary set to play a crucial role in achieving the company's vision for sustainable and innovative mobility. Additional information about the company is available at: http://www.srivarumotors.com/. With a focus on innovation, sustainability, and performance, SRIVARU aims to redefine the future of mobility.
Forward Looking Statements
This communication may contain a number of "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning SRIVARU's possible or assumed future results of operations, business strategies, debt levels, competitive position, industry environment, potential growth opportunities and the effects of regulation, respectively. These forward-looking statements are based on SRIVARU's management's current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. When used in this communication, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements.
These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside SRIVARU's management's control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (a) the outcome of any legal proceedings that may be instituted against SRIVARU or others; (b) the inability to obtain financing to complete the Company's planned expansion; (c) the inability to successfully transition our listing to the Nasdaq Capital Market; (d) the risk that current plans and operations of SRIVARU or its subsidiaries may be disrupted; (e) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition; (f) the ability of SRIVARU to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (g) costs related to ongoing operations; (h) the possibility that SRIVARU may be adversely affected by other economic, business, and/or competitive factors; (i) SRIVARU's ability to execute its business plans and strategies, (j) SRIVARU's estimates of expenses and profitability; and (k) other risks and uncertainties indicated from time to time in SRIVARU's public filings with the SEC, including those under "Risk Factors" therein.
Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and SRIVARU assumes no obligation and, except as required by law, do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Company Details:
SRIVARU Holding Limited
3rd Floor, Genesis House, Unit 18
Genesis Close, George Town
P.O. Box 10655
Grand Cayman, KY1-1006
Cayman Islands
Investor & Media Contact:
Investor Relations
SRIVARU Holding Limited
Email: [email protected]
Phone: +1 (888) 227-8066
