CHANGZHOU, China, March 29,
2024 /PRNewswire/ -- EZGO Technologies Ltd. (Nasdaq:
EZGO) ("EZGO" or "we," "our," or the "Company"), a leading
short-distance transportation solutions provider in China, today announced it received a delisting
determination notice (the "Delisting Notice") from the Nasdaq Stock
Market LLC ("Nasdaq") on March 26,
2024.
As previously reported, on October 18,
2023, the Company received a letter (the "Deficiency
Notice") from the Listings Qualifications Department of Nasdaq
notifying the Company that the minimum closing bid price per share
for its ordinary shares, par value US$0.001 per share (the "Ordinary Shares"), was
below $1.00 for a period of 30
consecutive business days and that the Company did not meet the
minimum bid price requirement set forth in Nasdaq Listing Rule
5550(a)(2) (the "Minimum Bid Price Requirement"). In accordance
with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided a
period of 180 calendar days, or until April
15, 2024, to regain compliance with the Minimum Bid Price
Requirement.
The Company received the Delisting Notice from Nasdaq notifying
the Company that, as of March 26,
2024, the Ordinary Shares had a closing bid price of
$0.10 or less for ten consecutive
trading days and that, pursuant to Nasdaq Listing Rule
5810(c)(3)(A)(iii), Nasdaq had determined to begin the process to
delist the Ordinary Shares from the Nasdaq Stock Market. The
Delisting Notice provides the Company with an opportunity to appeal
Nasdaq's decision.
The Company intends to submit, on or before April 2, 2024, the latest date permitted in the
Delisting Notice, a request for a hearing before the Nasdaq
Hearings Panel to appeal the Delisting Notice.
The Company is considering all options available to it,
including a reverse stock split, to regain compliance and will
provide its shareholders with material updates when they are
available.
About EZGO Technologies Ltd.
Leveraging an Internet of Things (IoT) product and service
platform and two e-bicycle brands, "EZGO" and "Cenbird," EZGO has
established a business model centered on the design, manufacturing
and sale of two-and three-wheeled electric vehicles, intelligent
robots, , complemented by electric vehicle accessories including
batteries, charging piles and electronic control system. For
additional information, please visit EZGO's website at
www.ezgotech.com.cn. Investors can visit the "Investor Relations"
section of EZGO's website at www.ezgotech.com.cn/Investor.
Safe Harbor Statement
This press release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements that are other than
statements of historical facts. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect,"
"anticipate," "project," "estimate," or similar expressions that do
not relate solely to historical matters, it is making
forward-looking statements. Forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company's expectations discussed in the
forward-looking statements. These statements are subject to
uncertainties and risks including, but not limited to, the
following: the Company's goals and strategies; the Company's future
business development; product and service demand and acceptance;
changes in technology; economic conditions; the growth of the
short-distance transportation solutions market in China and the other international markets the
Company plans to serve; reputation and brand; the impact of
competition and pricing; government regulations; fluctuations in
general economic and business conditions in China and the international markets the
Company plans to serve and assumptions underlying or related to any
of the foregoing and other risks contained in reports filed by the
Company with the Securities and Exchange Commission (the "SEC"),
including the Company's most recently filed Annual Report on Form
20-F and its subsequent filings. For these reasons, among others,
investors are cautioned not to place undue reliance upon any
forward-looking statements in this press release. Additional
factors are discussed in the Company's filings with the SEC, which
are available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward-looking statements to
reflect events or circumstances that arise after the date
hereof.
For more information, please contact:
Ascent Investor Relations LLC
Tina Xiao
Email: investors@ascent-ir.com
Phone: +1 646-932-7242
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SOURCE EZGO Technologies Ltd.
