Zapp Electric Vehicles Faces Nasdaq Non-Compliance
Ticker: ZAPWF · Form: 6-K · Filed: Oct 4, 2024 · CIK: 1955104
| Field | Detail |
|---|---|
| Company | Zapp Electric Vehicles Group Ltd (ZAPWF) |
| Form Type | 6-K |
| Filed Date | Oct 4, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $35,000,000 |
| Sentiment | bearish |
Sentiment: bearish
Topics: listing-compliance, sec-filing, delisting-risk
TL;DR
Zapp Electric Vehicles is at risk of Nasdaq delisting due to low market cap, has 6 months to fix it.
AI Summary
On September 30, 2024, Zapp Electric Vehicles Group Limited received a notification letter from Nasdaq stating it is not in compliance with the minimum market value of listed securities requirement. The company has a period of 180 calendar days, until March 29, 2025, to regain compliance.
Why It Matters
Failure to regain compliance could lead to delisting from Nasdaq, impacting the company's liquidity and investor confidence.
Risk Assessment
Risk Level: high — The company is not in compliance with Nasdaq's minimum market value requirement, putting its listing status at risk.
Key Numbers
- 180 days — Compliance Period (The timeframe Zapp Electric Vehicles has to meet Nasdaq's minimum market value requirement.)
Key Players & Entities
- Zapp Electric Vehicles Group Limited (company) — The company receiving the Nasdaq notification.
- Nasdaq (company) — The stock exchange that issued the non-compliance notification.
- September 30, 2024 (date) — Date the company received the non-compliance notification.
- March 29, 2025 (date) — Deadline for Zapp Electric Vehicles to regain compliance with Nasdaq.
FAQ
What specific Nasdaq rule is Zapp Electric Vehicles violating?
Zapp Electric Vehicles is not in compliance with the minimum market value of listed securities requirement set forth by Nasdaq.
When did Zapp Electric Vehicles receive the non-compliance notification?
The company received the written notification on September 30, 2024.
What is the deadline for Zapp Electric Vehicles to regain compliance?
The company has until March 29, 2025, to regain compliance.
What is the consequence of failing to regain compliance?
Failure to regain compliance could lead to the delisting of the Company's securities from Nasdaq.
What is the company's principal executive office address?
The company's principal executive office is located at 87/1 Wireless Road 26/F Capital Tower All Seasons Place Lumpini, Pathumwan Bangkok 10330 Thailand.
Filing Stats: 622 words · 2 min read · ~2 pages · Grade level 15.9 · Accepted 2024-10-04 16:30:01
Key Financial Figures
- $35,000,000 — um market value of listed securities of $35,000,000, and Listing Rule 5810(c)(3)(C) provide
Filing Documents
- nasdaq_letter_6_k_041024.htm (6-K) — 25KB
- 0000950170-24-112928.txt ( ) — 26KB
Forward-Looking Statements
Forward-Looking Statements This Form 6-K contains forward-looking statements that involve risks and uncertainties. The risks and uncertainties involved include the Company’s ability to regain compliance with Nasdaq’s rules for continued listing, the concomitant risk that its shares may be delisted by Nasdaq, market and business conditions, and other risks detailed from time to time in the Company’s periodic reports and other filings with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on forward-looking statements, which are based on the Company’s current expectations and assumptions and speak only as of the date of this Form 6-K. The Company does not intend to revise or update any forward-looking statement in this Form 6-K as a result of new information, future events or otherwise, except as required by law.
SIGNATURES
SIGNATURES 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. ZAPP ELECTRIC VEHICLES GROUP LIMITED Date: October 4, 2024 By: /s/ Swin Chatsuwan Name: Swin Chatsuwan Title: Chief Executive Officer