Canoo Inc.
01/24/2025 | Press release | Distributed by Public on 01/24/2025 14:02
Failure to Satisfy Listing Rule (Form 8-K)
| Item 3.01 | Notice of Delisting of Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing |
On January 22, 2025, the Company received a letter from the staff of the Listing Qualifications Department (the "Staff") of the Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that the Staff has determined that the Company's securities will be delisted from Nasdaq based on the following factors:
•The Company's filing for protection under Chapter 7 of the U.S. Bankruptcy Code on January 17, 2025 (the "Filing") and public interest concerns raised by it;
•Concerns regarding the residual equity interest of the existing listed securities holders; and
•Concerns about the Company's ability to sustain compliance with all requirements for continued listing on The Nasdaq Stock Market.
The Company does not intend to appeal the Staff's determination, given the commencement of the bankruptcy proceedings. Therefore, the Company anticipates that trading in the Company's common stock will be suspended at the opening of business on January 29, 2025, and subsequently delisted from Nasdaq, as indicated in the Staff's letter.