Tempo Automation commences Nasdaq delisting proceedings

Tempo Automation Holdings announced that on October 24, 2023, the Company received a letter from the Listing Qualifications Department of the Nasdaq Stock Market. As previously disclosed, on April 24, 2023, Nasdaq had notified the Company that the market value of its listed securities had been below the minimum $50,000,000 required for continued listing as set forth in Listing Rule 5450(b)(2)(A) for the previous 30 consecutive trading days and, in accordance with Listing Rule 5810(c)(3)(C), the Company was provided 180 calendar days, or until October 23, 2023, to regain compliance with the Market Value Rule. Additionally, on August 17, 2023, Nasdaq had notified the Company that it had not filed its Form 10-Q for the period ended June 30, 2023, and as a result, failed to comply with Nasdaq’s filing requirement for continued listing as set forth in Listing Rule 5250(c)(1). As a result, the Company was required to submit its plan to regain compliance with the Delinquency Rule by October 26, 2023. In its October 24 letter, Nasdaq notified the Company that, pursuant to Listing Rule 5810(d)(2), these deficiencies serve as additional and separate bases for delisting, and as a result, the Company’s securities will be delisted from The Nasdaq Global Market. Unless the Company requests an appeal of this determination as described below, trading of the Company’s common stock and warrants will be suspended at the opening of business on November 2, 2023, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market. The Company does not intend to appeal Nasdaq’s determination.