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BRISBANE, AUSTRALIA – Tritium DCFC Limited (NASDAQ: DCFC), a manufacturer of electric vehicle (EV) fast chargers, has been issued a notice of delisting from the Nasdaq Stock Exchange. This notice was received on March 15, 2024, and is the first of its kind regarding noncompliance with Nasdaq's minimum bid price requirements received on October 12, 2023, when the bid price for Tritium stock was below $1.00 for 30 consecutive business days. This follows a warning.
The company's stock continued to trade below the required threshold, reaching a bid price below the closing price of $0.10 for 10 consecutive business days as of March 15, 2024. In response, Nasdaq began delisting procedures. Tritium plans to appeal the decision and has scheduled a hearing with the Nasdaq Hearing Panel on Thursday.
At the same time, Tritium will hold an extraordinary general meeting of shareholders today to vote on the proposed reverse stock split. The proposal proposes to consolidate 200 shares of common stock into one share for the purpose of meeting Nasdaq listing requirements. If approved, the reverse stock split is expected to take effect on April 1, 2024.
Founded in 2001, Tritium specializes in the development and manufacturing of DC fast chargers for EVs, with a focus on continuous innovation to support a global customer base.
The Company cautions that forward-looking statements contained in press releases should not be relied upon as predictions of future events because they involve significant risks and uncertainties that could cause actual results to differ materially from expectations. I'm warning you that you shouldn't. Tritium has advised that it does not intend to publicly update or revise any forward-looking statements.
This news article is based on press release statements and reflects the current status of Tritium's position on Nasdaq and its efforts to comply with market listing standards.
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