Next.e.GO N.V. (NASDAQ:EGOX) shares are trading lower after the company stated it received a delisting notification from Nasdaq on March 25, 2024.
The company's securities have had a closing bid price below $0.10 for ten consecutive trading days, which triggers a notice of delisting.
In addition to this, the company also currently fails to satisfy the requirement that the closing bid price of its securities remain at $1.00 or higher as required by Nasdaq Listing Rule 5810(c)(3)(A).
The company has received 180 calendar days to return to compliance with the Minimum Bid Price Rule, which expires on June 10, 2024. If this is not met, Nasdaq will have an additional basis for delisting the securities.
Unless the company requests an appeal of the letter, its shares trading will be suspended at the opening of business on April 3, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission.
The company plans to monitor the closing bid price of its common stock and may consider implementing available options to regain compliance with the minimum bid price requirements.
Price Action: EGOX shares are down 18.9% at $0.0413 premarket on the last check Tuesday.