British electric vehicle manufacturer Denis Sverdlov has once again received a warning about its delisting from Nasdaq. This time, the exchange noted that the company had not published a report on the second quarter of the fiscal year for six months. In addition, Arrival has not held a shareholders’ meeting for a year.
In early fall 2022, Nasdaq issued a warning to the manufacturer regarding possible delisting due to non-compliance with site requirements. Under the terms of the exchange, shares must trade at least $1 per share within a month.
Arrival then received another notice about the possibility of delisting in October 2023. The complaint was then related to the failure to provide the SEC with a report for 2022.
But the company filed an appeal and trading in shares was not suspended. The meeting is scheduled for February 8 of this year.
- Arrival was founded in 2015 by former Russian Director and Deputy Minister of Communications Denis Sverdlov. The startup’s headquarters are located in the United Kingdom.
- In October 2020, Arrival attracted $118 million in investments from funds managed by investment firm BlackRock. The funds would be used to increase production of electric vehicles, including the opening of the company’s first American microfactory in South Carolina.
- Arrival laid off about a third of its workforce in July 2022. The company called it a necessary “business reorganization” in a difficult economic situation.
- In November 2023, the company began exploring options to sell the business. At the end of the first half of 2023, Arrival’s net loss amounted to $155.7 million.
Author:
Natalia Gormaleva
Source: RB
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