Sono group receives additional staff determination letter from nasdaq

Munich, germany, sept. 01, 2023 (globe newswire) -- on august 28, 2023, solar tech company sono group n.v. (nasdaq: sev) (the “company”) received a staff determination letter (the “letter”) from the staff (the “staff”) of the nasdaq stock market llc (“nasdaq”) stating that on march 20, 2023, the staff had notified the company that the bid price of its listed securities had closed at less than $1 per share over the previous 30 consecutive business days, and, as a result, did not comply with listing rule 5450(a)(1). therefore, in accordance with listing rule 5810(c)(3)(a), the company was provided 180 calendar days, or until september 18, 2023, to regain compliance with the rule. the letter goes on to state that for the past 12 consecutive trading days the closing bid price of the company's common stock has been below $0.10 and that, accordingly, pursuant to listing rule 5810(c)(3)(a)(iii), this matter serves as an additional basis for delisting the company's securities from nasdaq. in addition, the letter refers to the resignation of four of five members of the company's supervisory board in april 2023, including all of its independent members, and states that the company no longer meets the audit committee requirement for continued listing on nasdaq set forth in listing rule 5605(c)(2) and that, as such, this matter further serves as an additional basis for delisting the company's securities from nasdaq.
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