Form 8-K - Current report
January 22 2024 - 3:59PM
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported) January 16, 2024
AERWINS
Technologies Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-40734 |
|
86-2049355 |
(State
or other jurisdiction |
|
(Commission |
|
(IRS
Employer |
of
incorporation) |
|
File
Number) |
|
Identification
No.) |
The
Walnut Building
691
Mill St, Suite 204
Los
Angeles, CA |
|
90021 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code (702) 527-1270
Not
Applicable
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of Each Class |
|
Trading
Symbol(s) |
|
Name
of Each Exchange on Which Registered |
Common
Stock, $0.000001 par value per share |
|
AWIN |
|
The
Nasdaq Stock Market LLC |
|
|
|
|
|
Redeemable
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share |
|
AWINW |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On
January 16, 2024, AERWINS Technologies Inc. (the “Company”), received a decision from the Nasdaq Hearings Panel (the “Panel”)
conditionally granting the Company’s request for continued listing on The Nasdaq Stock Market (“Nasdaq” or the “Exchange”),
subject to the Company demonstrating compliance with the conditions noted below (the “Panel Decision”).
As
previously disclosed in the Current Report on Form 8-K filed on April 21, 2023 by the Company, on April 20, 2023, Nasdaq Listing Qualifications
staff (“Staff”) notified the Company that it no longer complied with the minimum bid price requirement under Listing Rule
5450(a)(1). In accordance with Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until October 17, 2023, to
regain compliance with Rule 5450(a)(1) (the “Bid Price Rule”). As previously disclosed on a Form 8-K filed with the SEC on
October 23, 2023, on October 18, 2023, Staff notified the Company that it had determined to delist the Company as it did not comply with
the requirements for continued listing on the Exchange. As previously disclosed in the Current Report on Form 8-K filed with the SEC
on November 28, 2023, the Company appealed Nasdaq’s determination in accordance with the procedures set forth in the Nasdaq Listing
Rules and requested a hearing (the “Hearing Request”) before the Panel. As previously disclosed on a Form 8-K filed with
the SEC on November 28, 2023, on November 21, 2023, Staff issued an additional delist determination letter after the Company failed to
file its Form 10-Q for the period ended September 30, 2023 (the “Delinquent Report”), as required by Listing Rule 5250(c)(1)
(the “Periodic Filing Rule”). On November 28, 2023, the Company filed its Delinquent Report and, thus, regained compliance
with the Periodic Filing Rule. As previously disclosed on a Form 8-K filed with the SEC on December 12, 2023, on December 6, 2023, Staff
issued an additional delist determination letter as the Company’s no longer complied with the $50,000,000 minimum market value
of listed securities requirement set forth in Listing Rule 5450(b)(2)(A) (the “MVLS Rule”), which served as an additional
and separate basis for delisting.
A
hearing before the Panel was conducted on January 4, 2024. The Panel Decision granted the Company’s request to transfer its shares
from The Nasdaq Global Market to The Nasdaq Capital Market, effective at the open of trading on January 18, 2024 and the Company’s
request for an exception to the Exchange’s listing rules until April 15, 2024, to demonstrate compliance, subject to the satisfaction
of the following conditions (the “Panel Decision”):
| 1. | On
or before January 23, 2024, the Company shall file a Form S-1 for a public offering of up
to $13.5 million contemplated in its presentation to the Panel; |
| 2. | On
or before January 19, 2024, the Company shall file all necessary documentation required to
transfer its listing from The Nasdaq Global Market to The Nasdaq Capital Market; |
| 3. | On
or before January 31, 2024, the Company will complete the deconsolidation of its Japanese
subsidiary A.L.I. Technologies Inc. (“A.L.I. Technologies”); |
| 4. | On
or before March 28, 2024, the Company will implement a reverse stock split in a range of
1-for-10 to 1-for-100 with a target per share price of $7.00 per share; |
| 5. | On
or before April 15, 2024, the Company shall demonstrate compliance with all applicable continued
listing requirements for The Nasdaq Capital Market under Rule 5550. |
The
Panel Decision indicates that the Company may request that the Nasdaq Listing and Hearing Review Council (the “Council”)
review the Panel Decision, in which case a written request for review would need to be received within 15 days from the date of the Panel
Decision. The Council may also on its own motion determine to review the Panel Decision.
The
Panel Decision has no immediate effect on the listing of the Company’s common stock on the Nasdaq Global Market. The Company plans
to fulfil each of the conditions as stated in the Panel Decision. To this end, the Company has completed
the filing of all necessary documentation required to transfer its listing from The Nasdaq Global Market to The Nasdaq Capital Market].
In addition, in satisfaction of A.L.I. Technologies deconsolidation condition of the Panel Decision and as previously disclosed in a
Form 8-K filed by the Company with the SEC on January 16, 2024, the Tokyo District Court entered an order on January 10, 2024, (the “January
10 Order”) confirming that bankruptcy proceedings are commenced against the A.L.I. Technologies, that A.L.I. Technologies is found
to be insolvent and other administrative matters relating to the A.L.I. Technologies bankruptcy filing. No assurance can be given, however,
as to the definitive date on which the other conditions set forth in the Panel Decision will be achieved.
Item
9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No. |
|
Description |
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
Date:
January 22, 2024 |
AERWINS
Technologies Inc. |
|
|
|
|
By:
|
/s/
Kiran Sidhu |
|
|
Kiran
Sidhu |
|
|
Chief
Executive Officer |
v3.23.4
Cover
|
Jan. 16, 2024 |
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Jan. 16, 2024
|
Entity File Number |
001-40734
|
Entity Registrant Name |
AERWINS
Technologies Inc.
|
Entity Central Index Key |
0001855631
|
Entity Tax Identification Number |
86-2049355
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
The
Walnut Building
|
Entity Address, Address Line Two |
691
Mill St
|
Entity Address, Address Line Three |
Suite 204
|
Entity Address, City or Town |
Los
Angeles
|
Entity Address, State or Province |
CA
|
Entity Address, Postal Zip Code |
90021
|
City Area Code |
702
|
Local Phone Number |
527-1270
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Entity Emerging Growth Company |
true
|
Elected Not To Use the Extended Transition Period |
false
|
Common Stock 0. 000001 Par Value Per Share [Member] |
|
Title of 12(b) Security |
Common
Stock, $0.000001 par value per share
|
Trading Symbol |
AWIN
|
Redeemable Warrants Each Whole Warrant Exercisable For One Share Of Common Stock At Exercise Price Of 11. 50 Per Share [Member] |
|
Title of 12(b) Security |
Redeemable
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share
|
Trading Symbol |
AWINW
|
Security Exchange Name |
NASDAQ
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