Tritium receives new Nasdaq “delisting notice” for low share price as it plays for time

Australian EV charging manufacturer Tritium says it has received a second delisting notice from the Nasdaq stock exchange, and is appealing for more time so it can implement its planned share consolidation.

In October last year Tritium was warned it could lose its status on the Nasdaq stock exchange after losing nearly 90 per cent of its value. At the time Tritium said it had received a formal notice from Nasdaq that its stock had been trading under the minimum bid limit of $US1 for 30 consecutive business days.

To remain compliant with the listing rules, the stock must trade above $US1 for at least 10 consecutive business days. From October the company had at least another six months to achieve this which may explain the extraordinary meeting to consolidate the stock.

In an attempt to avoid the delisting, three weeks ago on March 1st, Tritium proposed a radical share consolidation plan proposing a 200 to 1 share consolidation to boost its share price above the minimum threshold for the Nasdaq. The company called a shareholder meeting for March 22 (today) to vote on the proposal.

But before the shareholder meeting could be held the company received a second delisting notice regarding the breach of a another Nasdaq rule which states that if the share price trades at or below $0.10 for ten consecutive trading days, a company is delisted.

Tritium says it received a notice on March 15 warning that Nasdaq will  begin the process to delist the Company’s common stock from the Nasdaq Global Market.

Tritium says it will submit a request for a hearing before the Nasdaq Hearings Panel to appeal the Delisting notice.

After hitting a high of $10.45 in March 2022, Tritium’s share price today is just $0.068 representing a 150 fold drop over two years.