Ree Automotive receives Nasdaq extension to regain compliance

REE Automotive (REE) announced that the Nasdaq Stock Market has granted the Company’s request for a 180-day extension to meet the $1 minimum bid price requirement. Following REE’s requested extension, on December 30, Nasdaq determined that REE meets all other applicable continued listing criteria and granted REE an additional 180-day extension through June 29, to cure the deficiency. During this second compliance period, REE’s Class A ordinary shares will continue to trade on the Nasdaq Capital Market under the symbol “REE,” and the extension has no immediate effect on the listing or trading of the Company’s securities. To regain compliance, the Company’s ordinary shares must achieve a closing bid price of at least $1.00 per share for at least a minimum of 10 consecutive business days during the additional compliance period, in accordance with Nasdaq Listing Rule 5810(c)(3)(H), after which Nasdaq will provide written confirmation of compliance. The Company intends to monitor the closing bid price of its shares and evaluate all available options to regain compliance within the allotted timeframe, including effecting a reverse stock split, if necessary.