Vicinity Motor Corp. Faces Nasdaq Delisting

Vicinity Motor Corp., a company trading under the symbols NASDAQ:VEV and TSXV:VMC, received a Nasdaq delisting notice. The notification, dated October 21, 2024, highlighted the company's failure to meet the minimum bid price requirement, with shares trading below $1. Further issues arise from receivership proceedings initiated by the Supreme Court of British Columbia.

Nasdaq deemed the delisting appropriate under several listing rules, including 5101, due to the receivership status. Vicinity Motor Corp. announced it would not appeal this decision. As a result, trading will cease on October 31, 2024, with the company being removed from the Nasdaq Capital Market.

This development adds uncertainty to Vicinity's future, influenced by market conditions and ongoing proceedings. The company has not provided additional updates regarding operational strategies or partnerships moving forward.