CA - Westport Fuel Systems receives non-compliance notice from Nasdaq

2023-04-27 02:52:37 ET

• Westport Fuel Systems ( NASDAQ: WPRT ) receives Nasdaq notice that the company is no longer in compliance with the minimum bid price requirement as the price has been below $1.00 for a period of 30 consecutive business days.
• The company has been granted a period of 180 calendar days or until October 23, 2023 to regain compliance with the minimum bid price requirement.
• The notice does not affect day-to-day trading and does not result in the delisting of the company's shares.
• The company fully intends to resolve the deficiency and regain compliance with the Nasdaq Listing Rule.
• Concurrently, the company also announced that the board has approved a consolidation of the company’s issued and outstanding common shares at a consolidation ratio of 10-for-1.
• The Share Consolidation is being undertaken to increase its attractiveness to institutional investors and provide the company with a path to regain compliance with Nasdaq’s minimum bid requirement.
• Shares of WPRT are down 1.15% after-hours on Wednesday.

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