Romeo Power Announces Receipt of Continued Listing Standard Notice from NYSE
June 10 2022 - 4:15PM
Business Wire
Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO),
an energy technology leader delivering advanced electrification
solutions for complex commercial vehicle applications, today
announced that it received a letter (the “Letter”) from the New
York Stock Exchange (the “NYSE”) indicating that the Company is not
in compliance with the NYSE continued listing standard as set forth
in Section 802.01C of the NYSE Listed Company Manual. The Letter
does not result in the immediate delisting of Romeo Power’s common
stock from the NYSE.
Pursuant to Section 802.01C of the NYSE's Listed Company Manual,
a company will be considered to be below compliance standards if
the average closing price of its security is less than US$1.00 over
a consecutive 30 trading-day period. Once notified, a company must
bring its share price and average share price back above US$1.00
within six months following receipt of the notification. The
Company can regain compliance at any time during the six-month cure
period if on the last trading day of any calendar month during the
cure period the company has a closing share price of at least
US$1.00 and an average closing share price of at least US$1.00 over
the 30 trading-day period ending on the last trading day of that
month. In the event that at the expiration of the six-month cure
period, both a US$1.00 closing share price on the last trading day
of the cure period and a US$1.00 average closing share price over
the 30 trading-day period ending on the last trading day of the
cure period are not attained, the NYSE will commence suspension and
delisting procedures.
The NYSE rules require the Company to notify the NYSE, within 10
business days of receipt of the NYSE notice, of its intent to cure
this deficiency. The Company plans to notify the NYSE of its intent
to cure within the applicable time period.
The Company’s common stock will continue to be listed and trade
on the NYSE during this period, subject to the Company’s compliance
with other NYSE continued listing standards. The Company’s receipt
of the Letter does not affect the Company’s business, operations or
reporting requirements with the Securities and Exchange
Commission.
About Romeo Power
Founded in 2016 and headquartered in Los Angeles, California,
Romeo Power (NYSE: RMO) is an energy technology leader delivering
advanced electrification solutions for complex commercial vehicle
applications. The Company’s suite of advanced battery electric
products, combined with its innovative battery management system,
delivers the safety, performance, reliability and configurability
its customers need to succeed. To keep up with everything Romeo
Power, please follow the Company on social media @romeopowerinc or
visit romeopower.com.
Forward Looking Statements
Certain statements in this press release may constitute “forward
looking statements” within the meaning of the “safe harbor”
provisions of the United States Private Securities Litigation
Reform Act of 1995. When used in this press release, the words
“estimates,” “projected,” “expects,” “anticipates,” “forecasts,”
“plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,”
“future,” “propose” and variations of these words or similar
expressions (or the negative versions of such words or expressions)
are intended to identify forward-looking statements. In addition,
any statements that refer to expectations or other
characterizations of future events or circumstances, such as
statements about plans to restore compliance with NYSE continued
listing standards, are forward-looking statements. These
forward-looking statements, including, without limitation, express
or implied statements concerning Romeo Power’s ability to develop
or sell new products, or to pursue customers in new product or
geographic markets, Romeo Power’s expectations regarding its future
financial performance, the demand for safe, effective, affordable
and sustainable EV products, Romeo Power’s ability to produce and
deliver such products on a commercial scale, and Romeo Power’s
expectations that its customers will adhere to contracted purchase
commitments on the currently expected timeframe are not guarantees
of future performance, conditions or results, and involve a number
of known and unknown risks, uncertainties, assumptions and other
important factors, many of which are outside Romeo Power’s
management’s control, that could cause actual results or outcomes
to differ materially from those discussed in the forward-looking
statements. Important factors, among others, that may affect actual
results or outcomes include: Romeo Power’s ability to execute on
its plans to develop and market new products and the timing of
these development programs; Romeo Power’s ability to increase the
scale and capacity of its manufacturing processes; Romeo Power’s
estimates of the size of the markets for its products; the rate and
degree of market acceptance of Romeo Power’s products; the success
of other competing technologies that may become available; Romeo
Power’s ability to identify and integrate acquisitions; Romeo
Power’s potential need for and ability to secure additional
capital; the performance of Romeo Power’s products and customers;
potential litigation involving Romeo Power; demand for battery
cells and supply shortages; the potential effects of COVID-19; and
general economic and market conditions impacting demand for Romeo
Power’s products. You should carefully consider the foregoing
factors and the other risks and uncertainties described in the
Company’s filings with the SEC. If any of these risks materialize
or our assumptions prove incorrect, actual results could differ
materially from those implied by our forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Romeo Power undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220610005571/en/
Romeo Power Inc.
For Investors: Joe Caminiti or Ashley Gruenberg Alpha IR
Group RMO@alpha-ir.com 312-445-2870
Romeo Power (NYSE:RMO)
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