Ree Automotive receives noncompliance letter from Nasdaq

Ree Automotive (REE) reported that the company received a letter from the Nasdaq Stock Market indicating that the company is currently not in compliance with Nasdaq Rule 5450. In particular, the letter stated that the company’s closing bid price for its Class A ordinary shares has been below $1.00 per share for the last 30 consecutive business days beginning on May 15 through June 27. Nasdaq provides REE with a period of 180 calendar days to regain compliance. According to the letter, the company has until December 29 to regain compliance with the minimum bid price requirement. The company will regain compliance, if at any time during this 180-day period, the closing bid price of its ordinary shares is at least $1.00 for a minimum period of ten consecutive business days, in which case the company will be provided with a written confirmation of compliance from Nasdaq and this matter will be closed. If the company does not demonstrate compliance prior to the end of the 180-day period ending December 29, Nasdaq’s staff will notify the company that its ordinary shares will be subject to delisting.