CHANGZHOU, China, Oct. 19,
2023 /PRNewswire/ -- EZGO Technologies Ltd.
(Nasdaq: EZGO) ("EZGO" or the "Company"), a leading short-distance
transportation solutions provider in China, today announced that the Company had
received a notification letter (the "Notification
Letter") dated October 18, 2023 from the Listing
Qualifications Department of The Nasdaq Stock Market LLC
("Nasdaq"), notifying the Company that it is currently not in
compliance with the minimum bid price requirement set forth under
Nasdaq Listing Rule 5550(a)(2). It resulted from the fact that the
closing bid price of the Company's ordinary shares, par value
US$0.001 per share ("Ordinary
Shares") was below $1.00 per share
for a period of 30 consecutive business days from September 6, 2023 to October 17, 2023.
This press release is issued pursuant to Nasdaq Listing Rule
5810(b), which requires prompt disclosure of receipt of a
deficiency notification. The Notification Letter has no
immediate effect on the listing of the Company's Ordinary Shares,
which will continue to trade uninterrupted on Nasdaq under the
ticker "EZGO".
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has a
compliance period of 180 calendar days, or until April 15, 2024
(the "Compliance Period"), to regain compliance with Nasdaq's
minimum bid price requirement. If at any time during the Compliance
Period, the closing bid price per share of the Company's Ordinary
Shares is at least $1.00 for a minimum of 10 consecutive business
days, Nasdaq will provide the Company a written confirmation of
compliance and the matter will be closed.
In the event the Company does not regain compliance with the
minimum bid price requirement by April 15, 2024, the Company
may be eligible for an additional 180 calendar day grace period to
regain compliance. To qualify, the Company will be required to meet
the continued listing requirement for market value of publicly held
shares and all other initial listing standards for the Nasdaq
Capital Market, with the exception of the bid price requirement,
and will need to provide written notice of its intention to cure
the deficiency during the second compliance period, including by
effecting a reverse stock split, if necessary. If the Company
chooses to implement a reverse stock split, it must complete the
split no later than 10 business days prior to April 15, 2024 or the expiration of the
second compliance period if granted.
The Company's operations are not affected by the receipt of the
Notification Letter. The Company intends to monitor the closing bid
price of its Ordinary Shares and may, if appropriate, consider
implementing available options, including, but not limited to,
implementing a reverse share split of its outstanding Ordinary
Shares, to regain compliance with the minimum bid price requirement
under the Nasdaq Listing Rules.
About EZGO Technologies Ltd.
Leveraging an Internet of Things (IoT) product and service
platform and three e-bicycle brands, "EZGO", "Dilang" and
"Cenbird", EZGO has established a business model centered on the
manufacturing and sale of two- and three-wheeled electric vehicles,
lithium batteries, complemented by the e-bicycle charging pile
business. For additional information, please visit EZGO's website
at www.ezgotech.com.cn. Investors can visit the "Investor
Relations" section of EZGO's website at
www.ezgotech.com.cn/Investor.
Safe Harbor Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate," or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's future
business development; product and service demand and acceptance;
changes in technology; economic conditions; the growth of the
short-distance transportation solutions market in China and the other international markets the
Company plans to serve; reputation and brand; the impact of
competition and pricing; government regulations; fluctuations in
general economic and business conditions in China and the international markets the
Company plans to serve and assumptions underlying or related to any
of the foregoing and other risks contained in reports filed by the
Company with the Securities and Exchange Commission ("SEC"),
including the Company's most recently filed Annual Report on Form
20-F and its subsequent filings. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov. The Company
undertakes no obligation to publicly revise these forward-looking
statements to reflect events or circumstances that arise after the
date hereof.
For more information, please contact:
Ascent Investor Relations LLC
Tina Xiao
Email: investors@ascent-ir.com
Phone: +1-646-932-7242
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SOURCE EZGO Technologies Ltd.