Vicinity Motor receives non-compliance notice from Nasdaq

Vicinity Motor has received a notification letter from the Nasdaq Stock Market dated October 24, 2023, notifying the Company that due to its closing bid price being below $1.00 per share for 30 consecutive days, it is not in compliance with the minimum bid price requirement as set forth under NASDAQ Listing Rule 5550(a)(2) for continued listing on the NASDAQ. This press release is issued pursuant to NASDAQ Listing Rule 5810(b), which requires prompt disclosure upon the receipt of a deficiency notification. In accordance with the NASDAQ Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until April 22, 2024, to regain compliance with NASDAQ Listing Rule 5550(a)(2). To regain compliance, the Company’s shares must have a closing bid price of at least $1.00 for a minimum of 10 consecutive business days, at which point the matter will be closed. In the event that the Company does not regain compliance by April 22, 2024 the Company may be eligible for an additional 180-day period to regain compliance. The receipt of the Notification Letter has no immediate effect on the listing of the Company’s shares, which will continue to trade uninterrupted on NASDAQ under the ticker “VEV“. The Company will monitor the closing price for its common stock during the compliance period and intends to take all reasonable measures available to regain compliance under the NASDAQ Listing Rules and to maintain the listing of its common stock on the Nasdaq Capital Market.