EZGO Technologies receives noncompliance notification from Nasdaq

EZGO Technologies has received a notification letter from the Listing Qualifications Department of Nasdaq notifying the company that it is currently not in compliance with the minimum bid price requirement due to the fact that the closing bid price of the company’s ordinary shares, par value 0.1c per share was below $1.00 per share for a period of 30 consecutive business days from September 6 to October 17. The Notification Letter has no immediate effect on the listing of the company’s Ordinary Shares. The company has a compliance period of 180 calendar days, or until April 15, 2024, to regain compliance with Nasdaq’s minimum bid price requirement. In the event the company does not regain compliance with the minimum bid price requirement by April 15, 2024, the company may be eligible for an additional 180 calendar day grace period to regain compliance. If the company chooses to implement a reverse stock split, it must complete the split no later than 10 business days prior to April 15, 2024 or the expiration of the second compliance period if granted. The company may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse share split of its outstanding Ordinary Shares, to regain compliance with the minimum bid price requirement.