NWTN Inc. announced on November 18, 2024, that it received a determination notice from Nasdaq staff regarding non-compliance with Listing Rule 5250(c)(1). This determination stemmed from the company's failure to file its Annual Report on Form 20-F for the fiscal year ended December 31, 2023, by the November 11, 2024 deadline.
The notice indicated that unless NWTN requested an appeal by November 19, 2024, Nasdaq would suspend trading of the company's ordinary shares and warrants at the opening of business on November 21, 2024. NWTN stated its intention to request a hearing to appeal the determination and seek an extended stay of the trading suspension.
This regulatory action highlights a significant compliance challenge for NWTN, impacting its standing on the Nasdaq exchange. The company is working to file the 2023 Annual Report as soon as practicable, but there is no assurance of regaining compliance or maintaining its listing.
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