YANTAI, China, March 21, 2024 (GLOBE NEWSWIRE) -- Chijet Motor Company, Inc. (Nasdaq: CJET) (the "Company" or "Chijet"), a high-tech enterprise engaged in the development, manufacture, sales, and service of traditional fuel vehicles and new energy vehicles ("NEV") in China, today announced today announced that it received a deficiency notice (the "Notice") from the Nasdaq Stock Market LLC ("Nasdaq") on March 20, 2024. The deficiency cited by Nasdaq was due to the resignation of Mr. Simon Pang, an independent director of the Company, from the board of directors (the "Board") and the audit committee of the Board (the "Audit Committee"). As a result of the Resignation of Mr. Pang, the Company is no longer in compliance with Nasdaq's audit committee requirements as set forth in Listing Rule 5605. The Notice states that, consistent with Listing Rule 5605(c)(4), Nasdaq will provide the Company a cure period until the earlier of the Company's next annual shareholders' meeting or March 15, 2025, to regain compliance; provided that if the next annual shareholders' meeting is held before September 11, 2024, then the Company must evidence compliance no later than September 11, 2024.
If the Company does not regain compliance by the expiration of the cure period, the Company's securities will be subject to delisting. At that time, the Company may appeal the delisting determination to a Hearings Panel. The Company plans to search for candidates and fill in the vacancy on the Audit Committee within the cure period provided by Nasdaq. The Notice has no immediate impact on the listing of the Company's ordinary shares on Nasdaq.