Arrival (NASDAQ:ARVL) stock is a hot topic among traders on Friday after the electric vehicle (EV) company failed to file its annual report for 2022 on time.
As a result of this news, Arrival has been sent a delisting notice from the Listing Qualifications Department of the Nasdaq. Without its Form 20-F filed, Arrival is no longer holding to listing rules for the stock exchange.
Investors following ARVL stock won’t be too surprised by this delisting notice. The company filed with the U.S. Securities and Exchange Commission (SEC) on Monday, alerting the commission that it would be running late on filing its report.
Arrival notes that the late filing is due to a couple of factors. That includes “diversion of the attention of management and other personnel responsible for the preparation of the 2022 20-F to fundraising and business combination transactions.”
What This Means for ARVL Stock
Arrival stock won’t be delisted just yet as it has a period of time to regain compliance. The company says it intends to file its annual report within 60 days. Doing so would take care of the Nasdaq’s complaint and allow shares to remain on the exchange.
If ARVL fails to file its report by that deadline, it still has other options available as well. That includes submitting a plan to the exchange for regaining compliance. That could net the company another 180 days to regain compliance.
ARVL stock is up 8.8% as of Friday morning.
There’s more stock market news traders will want to read about below!
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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.
