Nwtn receives nasdaq staff delisting determination for non-compliance with listing rule 5250(c)(1)

Dubai, united arab emirates, nov. 18, 2024 (globe newswire) -- nwtn inc. (nasdaq: nwtn), an eco-conscious mobility technology company bringing passenger-centric green premium mobility solutions to the world (“nwtn” or the “company”), today announced that it received a determination notice from the staff (the “staff”) of the nasdaq stock market llc (“nasdaq”) informing the company that as a result of the company's failure to file its annual report on form 20-f for the fiscal year ended december 31, 2023 (the “2023 annual report”) with the securities and exchange commission (the “sec”) and regain compliance with nasdaq listing rule 5250(c)(1) by november 11, 2024, the staff has determined that, unless the company requests an appeal by november 19, 2024, nasdaq will suspend trading of the company's ordinary shares and warrants at the opening of business on november 21, 2024 and will file a form 25-nse with the sec, which will remove the company's securities from listing and registration on nasdaq (the “determination”). the determination does not result in the immediate suspension of trading or delisting of the company's securities, and the nasdaq listing rules provide a procedure for the company to appeal the determination and seek a stay of suspension pending the appeal.
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