Westport Fuel Systems Inc. , a global leader in low-emissions alternative fuel transportation technologies announced today that on November 3, 2022, it received written notice (“Notification”) from The Nasdaq Stock Market LLC (“Nasdaq”) notifying it that it is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2) (“Nasdaq Listing Rule”).
The Notification has no immediate impact on the listing of the Company’s common shares, which will continue to trade on the Nasdaq. In accordance with applicable Nasdaq procedures, the Company has a period of 180 calendar days, or until May 2, 2023, to regain compliance with the Nasdaq Listing Rule. To regain compliance, the Company's ordinary shares must have a closing bid price of at least US$1.00 for a minimum of 10 consecutive business days. The Company intends to monitor the closing bid price of its common shares and may, if appropriate, consider implementing available options to regain compliance with the Nasdaq Listing Rule. Such options may include, but are not limited to, implementing a consolidation reverse share split of its outstanding common shares, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules.
Westport’s business operations are not affected by the receipt of the Notification and the Company fully intends to resolve the deficiency and regain compliance with the Nasdaq Listing Rule. The Company's Shares are also listed on the TSX Exchange, and the Notification does not affect the Company's compliance status with such listing.