Form 8-K - Current report
June 17 2024 - 3:15PM
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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) June 11, 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 hundredth of a share of Common Stock at an exercise price of $1,150 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
June 14, 2024, AERWINS Technologies Inc. (the “Company”), received the final delisting notice from the Nasdaq Hearings
Panel (the “Panel”) of the Nasdaq Stock Market LLC (“Nasdaq”) due to its failure to comply with the terms
of the Panel decision dated January 16, 2024, as amended (the “Decision”). The Decision required the Company to demonstrate
compliance with Listing Rule 5550(b)(1) or any of the alternative requirements in Listing Rule 5550(b) on or before May 31, 2024. Based
on a review of the Company’s filings and other public disclosures, Nasdaq Listing Qualifications Staff determined that the Company
did not complete any transaction or provide evidence that would enable the Company to demonstrate compliance with Listing Rule 5550(b)(1)
or any of the alternatives under Listing Rule 5550(b). Accordingly, the Panel has determined that delisting the Company’s securities
is appropriate to maintain the quality of and public confidence in the Nasdaq Stock Market.
Based
on the foregoing reasons, the Panel has determined to delist the Company’s common shares (the “Common Shares”)
from Nasdaq and will be suspended trading in those shares effective as of the open of business on June 18, 2024. After careful consideration,
the Company determined that it was in the overall best interests of the Company not to appeal the decision.
The
Company intends to evaluate potential strategic alternatives for its business including but not limited to possible sale or seeking potential
joint venture partners to operate the business and its options regarding the quotation of its Common Shares on an alternative trading
market as soon as practicable following the suspension of its Common Shares on Nasdaq.
Nasdaq
has informed the Company that it will file a Form 25 with the U.S. Securities and Exchange Commission (the “SEC”)
after applicable appeal periods have lapsed, which will remove the Company’s Common Shares from listing on Nasdaq and registration
under Section 12(b) of the U.S. Securities Exchange Act of 1934.
This
Current Report on Form 8-K contains forward-looking statements. All statements other than statements of historical facts included in
this Current Report are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believe,”
“intend,” “expect,” “anticipate,” “plan,” “potential,” “continue,”
or similar expressions. Such forward-looking statements include statements we make regarding the quotation of its Common Shares on an
alternative trading market, and important factors could cause our plans to differ materially from those expressed or implied by such
forward-looking statements. These factors, risks, and uncertainties are discussed in AERWINS’ filings with the Securities and Exchange
Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown uncertainties
and other factors which are, in some cases, beyond AERWINS’ control and could, and likely will, materially affect actual results,
levels of activity, performance, or achievements. Any forward-looking statement reflects AERWINS’ current views concerning future
events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth
strategy, and liquidity. AERWINS assumes no obligation to publicly update or revise these forward-looking statements for any reason or
to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new
information becomes available. The contents of any website referenced in this press release are not incorporated by reference herein.
Item
5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
On
June 14, 2024, the board of directors (the “Board”) of the Company appointed Kiran
Sidhu as the Company’s Interim Chief Financial Officer. Mr. Sidhu will retain his roles as the Company’s Chief Executive
Officer and as a member of the Board. Mr. Sidhu’s appointment as the Company’s Interim Chief Financial Officer follows the
resignation of Yinshun He as the Company’s Chief Financial Officer on June 11, 2024. Ms. He’s resignation is not the result
of any dispute or disagreement with the Company on any matter relating to the operations, policies or practices of the Company.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits
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:
June 17, 2024 |
AERWINS
Technologies Inc. |
|
|
|
|
By:
|
/s/
Kiran Sidhu |
|
|
Kiran
Sidhu |
|
|
Chief
Executive Officer |
Exhibit
17.1
Yinshun
He
June
11, 2024
The
Board of Directors of
AERWINS
Technologies, Inc.
Ladies
and Gentlemen:
This
letter confirms that I hereby resign my position as Chief Financial Officer of AERWINS Technologies, Inc. (the “Company”)
effective immediately. My resignation is not the result of any disagreement with the Company on any matter relating to its operation,
policies (including accounting or financial policies) or practices.
|
Sincerely, |
|
|
|
|
|
Yinshun
He |
v3.24.1.1.u2
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|
Jun. 11, 2024 |
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Jun. 11, 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 |
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|
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|
Entity Emerging Growth Company |
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|
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|
Common Stock, $0.000001 par value per share |
|
Title of 12(b) Security |
Common
Stock, $0.000001 par value per share
|
Trading Symbol |
AWIN
|
Security Exchange Name |
NASDAQ
|
Redeemable Warrants, each whole warrant exercisable for one hundredth of a share of Common Stock at an exercise price of $1,150 per share |
|
Title of 12(b) Security |
Redeemable
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Trading Symbol |
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