RIDE - Lordstown Motors falls out of compliance of Nasdaq listing rule

2023-04-20 08:43:03 ET

Lordstown Motors Corp. ( NASDAQ: RIDE ) disclosed in a SEC filing that it received a written notice from Nasdaq on being out of compliance with the listing rules after the stock fell below $1.00 per share for 30 consecutive business days.

The electric vehicle maker said the notice has no immediate effect on the listing of the Class A common stock on The Nasdaq Global Select Market and does not affect the reporting requirements with the Securities and Exchange Commission. However, Lordstown Motors ( RIDE ) has been provided with a compliance period of 180 calendar days or until October 16, 2023, to regain compliance with the bid price requirement. To regain compliance, the closing bid price of the Class A common stock must meet or exceed $1.00 per share for a minimum of 10 consecutive business days prior to October 16, 2023.

Lordstown Motors ( RIDE ) said it is is currently evaluating various courses of action to regain compliance with the bid price requirement.

Shares of Lordstown Motors ( RIDE ) closed at $0.53 on Wednesday, just a penny off the all-time low.

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