Vicinity Motor Corp. Granted Extended Period by Nasdaq to Meet Bid Price Requirement

Vicinity Motor Corp., a leading North American supplier of commercial electric vehicles, has received a crucial extension from Nasdaq. This additional 180-day period, communicated through a letter dated April 23, 2024, allows further time to regain compliance with Nasdaq's minimum bid price rule of $1.00 per share. This rule is imperative for maintaining the company's listing on The Nasdaq Capital Market.

The necessity for an extension follows after Vicinity failed to meet the bid price requirement for 30 consecutive business days as disclosed in October 2023. Initially, a 180-day period ending on April 22, 2024, was granted to address the issue. With the new extension, the deadline extends to October 21, 2024. The company needs to sustain a closing bid price of at least $1.00 per share for 10 consecutive business days to achieve compliance.

The continuation of trading under the "VEV" symbol on The Nasdaq Capital Market remains unaffected by this development. Vicinity Motor Corp. is currently focused on monitoring its share prices and is committed to taking all necessary steps to meet Nasdaq's listing requirements within the new timeframe.