Aerwins receives additional Staff Delisting Determination form Nasdaq

AERWINS Technologies announced that on April 17 the Company received an Additional Staff Delisting Determination from the Listing Qualifications Department of The Nasdaq Stock Market. The Additional Staff Determination noted that the Company is now delinquent in filing its Form 10-K for the period ended December 31, 2023, which additional delinquency may serve as a separate basis for the delisting of the Company’s securities from Nasdaq. The Additional Staff Determination notified the Company that the Nasdaq Hearings Panel will consider this matter in their decision regarding the Company’s continued listing on The Nasdaq Capital Market and that it should present its views with respect to this additional deficiency to the Panel in writing no later than April 24. The Company encountered delays in its efforts to file the Form 10-K as a result of the previously reported discontinued operations of A.L.I. Technologies, a Japanese corporation which is the Company’s wholly-owned indirect subsidiary, and as part of the Company’s operations, move to Los Angeles, California, and continued the development of a line of FAA-compliant manned and unmanned crafts for low-altitude flight. Following the discontinuation, on December 27, 2023, A.L.I. filed a voluntary bankruptcy petition with the Tokyo District Court, Civil Division 20, “Tokutei Kanzai Kakari”, Case ID: No. 8234 of 2023.