Charge Enterprises Announces Decision of Nasdaq Hearings Panel To Delist Common Shares
February 22 2024 - 4:15PM
Business Wire
Charge Enterprises, Inc. (Nasdaq: CRGE) ("Charge" or the
"Company”), today announced that on February 20, 2024, the Company
received written notice from the Listing Qualifications Department
of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company
that trading of its common stock will be suspended as of the
opening of business on February 29, 2024 (the “Delisting
Letter”).
The Company had previously been notified by Nasdaq on August 22,
2023, that it was no longer in compliance with Nasdaq Listing Rule
5450(a)(1) because the closing bid price per share for the
Company’s Common Stock had closed below $1.00 for the previous 30
consecutive business days. The Company had applied for an
additional 180-day compliance period to regain compliance with
Nasdaq Listing Rule 5550(a)(2) (the “Extension Request”).
On February 20, 2024, the Company received written notice from
Nasdaq that the staff of Nasdaq had denied the Extension Request.
Nasdaq determined that the Company was not eligible for the
Extension Request and reached its decision to commence delisting
proceedings of the Common Stock because the closing bid price of
the Company’s common stock has closed below $0.10 and may soon
trigger delisting under Nasdaq Listing Rule 5810(c)(3)(A)(iii). The
Company does not intend to appeal the staff’s determination and,
accordingly, the Company expects that the Common Stock will be
delisted at the opening of business on February 29, 2024.
The Company anticipates that after delisting, the Company’s
common stock will be quoted on the OTC Pink Market under the symbol
“CRGE”.
Notice Regarding Forward-Looking Information
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements reflect
current expectations or beliefs regarding future events or Charge's
future performance. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans",
"expects", "is expected", "budget", "scheduled", "estimates",
“potential”, "continues", "forecasts", "projects", "predicts",
"intends", "anticipates", "targets" or "believes", or variations
of, or the negatives of, such words and phrases or state that
certain actions, events or results "may", "could", "would",
"should", "might" or "will" be taken, occur or be achieved. All
forward-looking statements, including those herein, are qualified
by this cautionary statement. Although Charge believes that the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements involve risks and
uncertainties, and actual results may differ materially from any
future results expressed or implied by such forward-looking
statements. Such risks and uncertainties include statements
regarding litigation efforts, future operations, the Company’s
ability to maintain internal capital sufficient to pursue the above
litigation at all times necessary going forward and other risks
discussed in Charge's filings with the U.S. Securities and Exchange
Commission ("SEC"). Readers are cautioned that the foregoing list
of risks and uncertainties is not exhaustive of the factors that
may affect forward-looking statements. Accordingly, readers should
not place undue reliance on forward-looking statements. The
forward-looking statements in this report speak only as of the date
of this press release or as of the date or dates specified in such
statements. For more information on us, investors are encouraged to
review our public filings with the SEC, including the factors
described in the section captioned “Risk Factors” of Charge’s
Annual Report on Form 10-K filed with the SEC on March 15, 2023,
and subsequent reports we file from time to time with the SEC,
including Charge’s Quarterly Report on Form 10-Q filed with the SEC
on November 8, 2023, which are available on the SEC's website at
www.sec.gov. Charge disclaims any intention or obligation to update
or revise any forward- looking information, whether as a result of
new information, future events or otherwise, other than as required
by law.
About Charge Enterprises, Inc.
Charge Enterprises, Inc. is an electrical, broadband and EV
charging infrastructure company that provides clients with
end-to-end project management services. Our vision is to be a
leader in enabling the next wave of transportation and
connectivity. By building, designing, and operating seamless
infrastructure for electric vehicles, we aim to create a future
where transportation is clean, efficient, and connected and to
empower individuals, communities, and businesses to thrive in a
more sustainable world. Our plan is to cultivate repeat customers
and recurring revenues by deploying a multi-phased strategy,
initially where investment in the EV charging revolution is taking
place, the nation’s approximately 18,000 franchised auto
dealers.
To learn more about Charge, visit Charge Enterprises, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20240222791881/en/
Alex Thompson Gateway Group 949-574-3860
CRGE@gateway-grp.com
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