Sono (NASDAQ:SEV) stock is taking a beating on Wednesday after the solar mobility solutions company was hit with a delisting notice.
This notice comes from the Nasdaq’s Listing Qualifications Department. It will see trading of the company’s stock halted on July 21, 2023, before its shares are delisted when markets open that day.
There are a few reasons for the delisting notice. The first is the company’s recent application to the insolvency court of Munich, Germany. That brings about concerns about the company’s ability to meet listing requirements through the insolvency court procedures.
The second reason for the delisting notice is a late Form 20-F filing. The company has yet to file its form for the year ended Dec. 31, 2022. That form was due on May 1, 2023, and its filing is required to remain on the Nasdaq Exchange.
Adding to this, SEV stock has continued to trade below the $1 minimum required to remain on the Nasdaq. Also, the company’s board of directors is now only made up of one person, which is another compliance issue with the exchange.
What’s Next for SEV Stock
Sono says that it is seeking a meeting with the Nasdaq Hearings Panel to appeal the delisting decision. Considering the multiple compliance issues, it may be hard for the company to convince Nasdaq to delay its delisting.
SEV stock is down 21.9% as of Wednesday morning. With that comes some 1.4 million shares traded, as compared to its daily average of around 6.3 million shares.
There’s even more stock market news that traders will want to read about today!
We’ve got all of the latest stock market stories worth reading about on Wednesday! A few examples include why shares of Deep Medicine Acquisition (NASDAQ:DMAQ) and Carvana (NYSE:CVNA) stock are up, as well as the biggest pre-market stock movers this morning. You can find all of that news at the links below!
More Wednesday Stock Market News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
