BRISBANE, Australia - Tritium DCFC Limited (NASDAQ: DCFC), a manufacturer of electric vehicle (EV) fast chargers, has been issued a delisting determination notice from the Nasdaq Stock Market. The notice, received on March 15, 2024, follows an initial warning of non-compliance with Nasdaq's Minimum Bid Price Requirement received on October 12, 2023, when the bid price of Tritium's shares fell below $1.00 for 30 consecutive business days.
The company's shares continued to trade below the required threshold, reaching a closing bid price of $0.10 or less for ten consecutive trading days as of March 15, 2024. This prompted Nasdaq to initiate delisting procedures. Tritium plans to appeal the decision and has scheduled a hearing with the Nasdaq Hearings Panel on Thursday.
Simultaneously, Tritium is conducting an extraordinary general meeting of shareholders today to vote on a proposed reverse stock split. The proposal suggests consolidating every two hundred ordinary shares into one, with the aim of meeting Nasdaq's listing requirements. If approved, the reverse split is expected to be effective as of April 1, 2024.
Founded in 2001, Tritium specializes in the development and manufacturing of DC fast chargers for EVs, emphasizing continuous innovation to support its global customer base.
The company cautions that forward-looking statements included in their press release should not be relied upon as predictions of future events, as they involve significant risks and uncertainties that could cause actual results to differ materially from expectations. Tritium has advised that it does not plan to publicly update or revise any forward-looking statements.
This news article is based on a press release statement and reflects the current situation regarding Tritium's standing with Nasdaq and its efforts to comply with market listing standards.
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