REE Automotive Ltd. Announces Receipt of Notice of Deficiency from Nasdaq Resulting from Previously Announced Departure of Director
February 10 2023 - 4:30PM
REE Automotive Ltd. (NASDAQ: REE) (“REE” or the “Company”), an
automotive technology company and developer of electric vehicle
platforms, announced that it received a notice of deficiency (the
“Notice”) from the Nasdaq Stock Market (“Nasdaq”). The
non-compliance cited by Nasdaq in the Notice is the result of the
previously-announced departure of Ms. Lilach Geva-Harel from her
position on the audit committee of the Company’s board of
directors. With the departure of Ms. Lilach Geva-Harel, the Company
is currently not in compliance with Nasdaq Listing Rule
5605(c)(2)(A) requiring three members on its audit committee.
The Notice indicated that, consistent with
Nasdaq Listing Rule 5605(c)(4), Nasdaq will provide the Company a
cure period until the earlier of the Company’s next annual
shareholders’ meeting or January 5, 2024 in order to regain
compliance (the “Cure Period”). The Company is actively searching
for an additional independent director for its audit committee and
expects to fill the current vacancy and appoint a third independent
director to the audit committee of the Company’s board of directors
as soon as possible and within the Cure Period.
About REE
REE Automotive (NASDAQ: REE) is an automotive
technology company that focuses on enabling companies to build any
size or shape of electric vehicle on their modular platforms. With
design freedom, vehicles Powered by REE are equipped with the
REEcorner, which packs critical vehicle components (steering,
braking, suspension, powertrain and control) into a single compact
module positioned between the chassis and the wheel, enabling REE
to build the industry’s flattest EV platforms with more room for
passengers, cargo and batteries. REE platforms are designed to be
autonomous capable, offer a low total cost of ownership, and reduce
the time to market for fleets looking to electrify. For more
information visit www.ree.auto.
Caution About Forward-Looking Statements
This communication includes certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include, but are not limited to, statements regarding
expectations, hopes, beliefs or intentions regarding the future.
The words “expect,” “foresee,” “intends,” “may,” “might,” “plan,”
“possible,” “potential,” “seek,” “should,” “would,” and similar
expressions (or the negative version of such words or expressions)
may identify forward-looking statements, but the absence of these
words does not mean that a statement is not forward-looking. All
statements, other than statements of historical facts, may be
forward-looking statements. These forward-looking statements are
based on information available as of the date of this
communication. Although REE believes that the expectations
reflected in forward-looking statements are reasonable, such
statements involve unknown number of risks, uncertainties,
judgments, and other factors that may cause results to be
materially different. These factors are difficult to predict
accurately and may be beyond REE’s control. Forward-looking
statements in this communication speak only as of the date made and
REE undertakes no obligation to update its forward-looking
statements, whether as a result of new information, future
developments or otherwise, should circumstances change, except as
otherwise required by securities and other applicable laws.
Uncertainties that could cause actual results to differ from those
projected in forward-looking statements include, but are not
limited to REE’s ability to comply with Nasdaq Listing Rules in the
future and other risks and uncertainties set forth in the sections
entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in REE’s Annual Report on Form 20-F
filed with the U.S. Securities and Exchange Commission (the “SEC”)
on March 28, 2022 and in subsequent filings with the SEC.
Contacts
Investors
Kamal HamidVP Investor Relations | REE Automotive+1
303-670-7756investors@ree.auto
Dana RubensteinChief of
Staff+972-54-671-2845investors@ree.auto
MediaJessica DingleyGlobal Communications
Director | REE Automotive+44 785-4545-705media@ree.auto
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