Form 8-K - Current report
July 24 2024 - 4:05PM
Edgar (US Regulatory)
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0001086745
0001086745
2024-07-18
2024-07-18
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
Current
Report
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): July 18, 2024
AYRO,
Inc.
(Exact
name of Registrant as specified in its charter)
Delaware |
|
001-34643 |
|
98-0204758 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
No.) |
|
(IRS
Employer
Identification
No.) |
AYRO,
Inc.
900
E. Old Settlers Boulevard, Suite 100
Round
Rock, Texas 78664
(Address
of principal executive offices and zip code)
Registrant’s
telephone number, including area code: 512-994-4917
N/A
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
stock, par value $0.0001 per share |
|
AYRO |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On
July 18, 2024, AYRO, Inc. (the “Company”) received a letter from the Listing Qualifications Department of the Nasdaq Stock
Market (“Nasdaq”) indicating that, based upon the closing bid price of the Company’s common stock for the 30 consecutive
business days between June 3, 2024, to July 17, 2024, the Company did not meet the minimum bid price of $1.00 per share required for
continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). The letter also indicated that the Company
will be provided with a compliance period of 180 calendar days, or until January 14, 2025 (the “Compliance Period”), in which
to regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A).
In
order to regain compliance with Nasdaq’s minimum bid price requirement, the Company’s common stock must maintain a minimum
closing bid price of $1.00 for at least ten consecutive business days during the Compliance Period. In the event the Company does not
regain compliance by the end of the Compliance Period, the Company may be eligible for additional time to regain compliance. To qualify,
the Company will be required to meet the continued listing requirement for the market value of its publicly held shares and all other
initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written
notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split if necessary.
If the Company meets these requirements, the Company may be granted an additional 180 calendar days to regain compliance. However, if
it appears to Nasdaq that the Company will be unable to cure the deficiency, or if the Company is not otherwise eligible for the additional
cure period, Nasdaq will provide notice that the Company’s common stock will be subject to delisting. There can be no assurance
that the Company will be eligible for the additional 180 calendar day compliance period, if applicable, or that the Nasdaq staff would
grant the Company’s request for continued listing subsequent to any delisting notification. In the event of such a notification,
the Company may appeal the Nasdaq staff’s determination to delist its securities.
The
letter has no immediate impact on the listing of the Company’s common stock, which will continue to be listed and traded on The
Nasdaq Capital Market, subject to the Company’s compliance with the other listing requirements of The Nasdaq Capital Market.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
AYRO,
INC. |
|
|
|
Date:
July 24, 2024 |
By:
|
/s/
Joshua Silverman |
|
|
Joshua
Silverman |
|
|
Executive
Chairman |
v3.24.2
Cover
|
Jul. 18, 2024 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Jul. 18, 2024
|
Entity File Number |
001-34643
|
Entity Registrant Name |
AYRO,
Inc.
|
Entity Central Index Key |
0001086745
|
Entity Tax Identification Number |
98-0204758
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
AYRO,
Inc.
|
Entity Address, Address Line Two |
900
E. Old Settlers Boulevard
|
Entity Address, Address Line Three |
Suite 100
|
Entity Address, City or Town |
Round
Rock
|
Entity Address, State or Province |
TX
|
Entity Address, Postal Zip Code |
78664
|
City Area Code |
512
|
Local Phone Number |
994-4917
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
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|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common
stock, par value $0.0001 per share
|
Trading Symbol |
AYRO
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
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