Chijet Motor Faces Nasdaq Delisting Warnings

TL;DR

Chijet Motor got Nasdaq delisting warnings for low stock price and market value.

AI Summary

On August 15, 2024, Chijet Motor Company, Inc. received two notification letters regarding its non-compliance with Nasdaq listing rules. The company was not in compliance with the minimum bid price requirement, as its closing bid price was below $1.00 for 30 consecutive business days. Additionally, it failed to meet the minimum market value of listed securities requirement.

Why It Matters

This filing indicates Chijet Motor Company is at risk of being delisted from the Nasdaq, which could significantly impact its stock liquidity and investor confidence.

Risk Assessment

Risk Level: high — The company is facing potential delisting from Nasdaq due to non-compliance with critical listing requirements.

Key Numbers

• 30 — Consecutive Business Days (The period for which the closing bid price was below $1.00, triggering a non-compliance notice.)

Key Players & Entities

• Chijet Motor Company, Inc. (company) — The company receiving the notification letters.
• Nasdaq (company) — The stock exchange whose listing rules were violated.
• August 15, 2024 (date) — Date the notification letters were received.
• $1.00 (dollar_amount) — Minimum closing bid price requirement.

FAQ

Key Financial Figures

• $50,000,000 — not maintain a minimum market value of $50,000,000 (the “ Minimum MVLS Requirement &
• $15,000,000 — not maintain a minimum market value of $15,000,000 (the “ Minimum MVPHS Requirement

Filing Documents

• form6-k.htm (6-K) — 20KB
• 0001493152-24-033280.txt ( ) — 21KB

From the Filing

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of August 2024 Commission File Number: 001-41712 Chijet Motor Company, Inc. (Registrant’s Name) No. 8, Beijing South Road Economic & Technological Development Zone Yantai, Shandong, CN-37 264006 People’s Republic of China (Address of Principal Executive Offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F Form 40-F Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Explanatory Note On August 15, 2024, Chijet Motor Company, Inc. (the “ Company ”) received two notification letters (the “ Nasdaq Notices ”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“ Nasdaq ”) indicating that (i) for the preceding 30 consecutive business days, the market value of the Company’s listed securities (“ MVLS ”) did not maintain a minimum market value of $50,000,000 (the “ Minimum MVLS Requirement ”) as required by Nasdaq Listing Rule 5450(b)(2)(A), and (ii) for the preceding 32 consecutive business days, the market value of the Company’s publicly held shares (“ MVPHS ”) did not maintain a minimum market value of $15,000,000 (the “ Minimum MVPHS Requirement ”) as required by Nasdaq Listing Rule 5450(b)(2)(C). In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has a compliance period of 180 calendar days, or until February 11, 2025, to regain compliance with the Minimum MVLS Requirement. In accordance with Nasdaq Listing Rule 5810(c)(3)(D), the Company has a compliance period of 180 calendar days, or until February 11, 2025, to regain compliance with the Minimum MVPHS Requirement. Compliance with Nasdaq Listing Rule 5810(c)(3)(C) may be achieved if the Company’s MVLS closes at $50,000,000 or more for a minimum of ten consecutive business days at any time during the 180-day compliance period, in which case Nasdaq will notify the Company of its compliance and the matter will be closed. Similarly, compliance with Nasdaq Listing Rule 5450(b)(2)(C) may be achieved if the Company’s MVPHS closes at $15,000,000 or more for a minimum of ten consecutive business days at any time during the 180-day compliance period, in which case Nasdaq will notify the Company of its compliance and the matter will be closed. If the Company does not regain compliance with both the Minimum MVLS Requirement and the Minimum MVPHS Requirement by February 11, 2025, Nasdaq will provide written notification to the Company that its securities are subject to delisting. At that time, the Company may appeal the relevant delisting determination to a hearings panel pursuant to the procedures set forth in the applicable Nasdaq Listing Rules. However, there can be no assurance, if the Company does appeal the delisting determination by Nasdaq to the hearings panel, that such appeal would be successful. In such event, the Company may also seek to apply for a transfer to The Nasdaq Capital Market if it meets the requirements for continued listing thereon. The two Nasdaq Notices will have no immediate effect on the Company’s continued listing on the Nasdaq Global Market or the trading of Company’s securities, subject to the Company’s compliance with the other continued listing requirements. The Company is presently evaluating potential actions to regain compliance with all applicable requirements for continued listing on the Nasdaq Global Market. There can be no assurance that the Company will be successful in maintaining the listing of its securities on the Nasdaq Global Market. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Chijet Motor Company, Inc. Date: August 20, 2024 By: /s/ Mu Hongwei Name: Mu Hongwei Title: President and Chief Executive Officer

View Full Filing

View this 6-K filing on SEC EDGAR