Vicinity Motor (NASDAQ:VEV) stock is falling on Wednesday after the bus manufacturing company received a non-compliance notice from the Nasdaq Exchange.
The notice comes from the Nasdaq due to the company’s shares trading below $1 each for the prior 30 business days. That has it breaking Listing Rule 5810(c)(3)(A), which requires shares to maintain a minimum bid price of $1.
With this notice, the Nasdaq is giving Vicinity Motor 180 days to regain compliance before its shares are delisted. If it can’t do that, the company may be granted another 180-day period to get its share price back above $1.
Vicinity Motor has to do a little more than just get its stock back above the $1 minimum to remain listed. The company must close out 10 consecutive business days in a row with its shares above the $1 price to remove the danger of delisting.
What This Means for VEV Stock
Today’s news doesn’t have any immediate effect on VEV stock. Even so, investors aren’t happy about the company getting a delisting warning. While it hasn’t sparked heavy trading of the shares, the company’s stock is down 1.3% as of Wednesday morning.
Investors looking for even more of the most recent stock market stories are in the right place!
We’re offering up all of the hottest stock market news that traders need to know about on Wednesday! Among that is what’s going on with shares of Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL), Shell (NYSE:SHEL) and Teledoc Health (NYSE:TDOC) stock today. All of that news is available at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
