Arcimoto Inc, a trailblazer in the design and production of compact, highly efficient electric vehicles, received a notice from The Nasdaq Stock Market LLC on November 22, 2023. The notice outlined the company’s non-compliance with Nasdaq Listing Rule 5250(c)(1) due to its failure to submit the quarterly report on Form 10-Q for the period concluding on September 30, 2023.
As a consequence of this non-compliance revelation, Arcimoto Inc witnessed a substantial decline in its stock value.
At the time of this publication, Arcimoto Inc stock (FUV) has witnessed a decline.
Current Price: $0.98
Change : -0.41
Change (%): (-29.50%)
Source: Tomorrow Events Market Data
Despite the immediate impact on the stock, the Nasdaq notice does not presently affect the listing or trading of the common stock of Arcimoto Inc on the Nasdaq Global Market. However, the company remains vulnerable to potential repercussions should delays persist in filing the Form 10-Q. Nasdaq specified that Arcimoto Inc must take corrective actions to regain compliance with the filing requirement. The company is expected to submit a plan no later than January 22, 2024, outlining its strategy for compliance and must file the overdue Form 10-Q by May 20, 2024.
The leadership of Arcimoto Inc has communicated its commitment to rectifying the situation promptly. The company expressed its intent to file the delayed Form 10-Q as expeditiously as possible.
Arcimoto Inc’s recent stock performance reflects the challenges it faces. Over the past five days, the stock has plummeted by 52.29%, while the one-month and three-month performance registered declines of 59.87% and -4.06%, respectively. Year-to-date, the stock has experienced a staggering drop of 70.93%, and over the past year, it has witnessed a substantial decline of 89.27%.
Investors and stakeholders are closely monitoring Arcimoto Inc’s response to the Nasdaq notice, as the company navigates the path to compliance in a volatile market. The electric vehicle pioneer’s ability to address these challenges and regain investor confidence will be pivotal in shaping its future trajectory on the Nasdaq Global Market.