REE Automotive Ltd. Updates That It Has Received Nasdaq Notification Regarding Minimum Bid Price Requirement
November 10 2022 - 4:00PM
REE Automotive Ltd. (NASDAQ: REE) (“REE” or the “Company”), an
automotive technology company and provider of electric vehicle
platforms, received a notification on November 7, 2022 from The
Nasdaq Stock Market (“Nasdaq”) notifying the Company that it no
longer satisfies Nasdaq Listing Rule 5450(a)(1) because for the
past 30 consecutive business days preceding the date of the
notification (“Notice”), the bid price per share of the Company’s
Class A Ordinary Shares, without par value (“Ordinary Shares”) had
closed below the $1.00 per share minimum bid price required for
continued listing on Nasdaq (the “Minimum Bid Price Requirement”).
The Notice has no immediate effect on the
listing of the Company’s Ordinary Shares, and the Company’s
Ordinary Shares continue to trade on Nasdaq under the symbol
“REE”.
Under Nasdaq Listing Rule 5810(c)(3)(A), if
during the 180 calendar day period following the date of the Notice
(the “Compliance Period”), the closing bid price of the Company’s
Ordinary Shares is at least $1.00 for a minimum of 10 consecutive
business days, the Company will regain compliance with the Minimum
Bid Price Requirement and its Ordinary Shares will continue to be
eligible for listing on Nasdaq absent noncompliance with any other
requirement for continued listing.
If the Company does not regain compliance with
the Minimum Bid Price Requirement by the end of the Compliance
Period, under Nasdaq Listing Rule 5810(c)(3)(A)(ii), the Company
may be eligible for an additional 180-day compliance period if it
applies to transfer the listing of its Ordinary Shares to the
Nasdaq Capital Market. To qualify, the Company would be
required to meet the continued listing requirement for the market
value of its publicly held Ordinary Shares and all other initial
listing standards for the Nasdaq Capital Market, with the exception
of the Minimum Bid Price Requirement, and provide written notice of
its intention to cure the minimum bid price deficiency during the
second compliance period.
If the Company does not regain compliance with
the Minimum Bid Price Requirement by the end of the Compliance
Period (or the Compliance Period as may be extended) the Company’s
Ordinary Shares will be subject to delisting.
The Company intends to monitor the closing bid
price of its Ordinary Shares and will consider its options in order
to regain compliance with the Minimum Bid Price Requirement.
About REE
REE Automotive (NASDAQ: REE) is an automotive
technology company that focuses on enabling companies to build any
size or shape of electric vehicle on their modular platforms. With
design freedom, vehicles Powered by REE are equipped with the
REEcorner, which packs critical vehicle components (steering,
braking, suspension, powertrain and control) into a single compact
module positioned between the chassis and the wheel, enabling REE
to build the industry’s flattest EV platforms with more room for
passengers, cargo and batteries. REE platforms are designed to be
autonomous capable, offer a low total cost of ownership, and reduce
the time to market for fleets looking to electrify. For more
information visit www.ree.auto.
Contacts
Investors
Kamal HamidVP Investor Relations | REE Automotive+1
303-670-7756investors@ree.auto
Dana RubensteinChief of
Staff1+972-54-671-2845investors@ree.auto
MediaJessica DingleyGlobal Communications
Director | REE Automotive+44 785-4545-705media@ree.auto
Caution About Forward Looking
Statements
This communication includes forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements, other than statements of
historical facts, may be forward-looking statements. Words such as
“may,” “will,” “should,” “likely,” “anticipates,” “expects,”
“intends,” “plan,” “projects,” “believes,” “views,” “estimates,”
“future,” “allow”, “aims,” “strives,” “endeavors” and similar
expressions are used to identify these forward-looking statements.
These forward-looking statements are based on REE’s expectations
and beliefs concerning future events and involve risks and
uncertainties that may cause actual results to differ materially
from current expectations. These factors are difficult to predict
accurately and may be beyond REE’s control. Forward-looking
statements in this communication or elsewhere speak only as of the
date made and REE undertakes no obligation to update its
forward-looking statements, whether as a result of new information,
future developments or otherwise, should circumstances change,
except as otherwise required by securities and other applicable
laws. In light of these risks and uncertainties, investors should
keep in mind that results, events or developments discussed in any
forward-looking statement made in this communication may not occur.
Uncertainties and risk factors that could affect REE’s future
performance and cause results to differ from the forward-looking
statements in this release include, but are not limited to: REE’s
ability to regain compliance with the Nasdaq Listing Rules, the
ability of the Company to transfer its listing to the Nasdaq
Capital Market, the satisfaction of certain conditions required by
Nasdaq, and other risks and uncertainties set forth in the sections
entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in REE’s Annual Report on Form 20-F
filed with the U.S. Securities and Exchange Commission (the “SEC”)
on March 28, 2022 and in subsequent filings with the SEC. While the
list of factors discussed above and the list of factors presented
in the Annual Report on Form 20-F are considered representative, no
such list should be considered to be a complete statement of all
potential risks and uncertainties. Unlisted factors may present
significant additional obstacles to the realization of
forward-looking statements.
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