Twin Vee Powercats (NASDAQ:VEEE) Receives Extension from Nasdaq for Bid Price Compliance

On November 7, 2024, Twin Vee Powercats Co. announced that they have received written notification from Nasdaq granting a 180-day extension to regain compliance with Nasdaq Listing Rule 5550(a)(2). The company failed to meet the Minimum Bid Price Requirement by November 6, 2024, prompting the need for an extension.

The Minimum Bid Price Requirement dictates that the common stock must maintain a minimum closing bid price of $1.00 per share for at least ten consecutive business days. Failure to meet this requirement could lead to delisting from Nasdaq. Despite the extension, if compliance is not achieved by May 5, 2025, Twin Vee Powercats Co. risks delisting.

In response to these developments, the company has expressed its commitment to actively monitoring the bid price of its common stock. Twin Vee Powercats is also exploring various strategies, including the possibility of a reverse stock split, in an effort to regain compliance with Nasdaq listing standards.

It is important to note that while the extension notice has been granted, it does not impact the current listing or trading status of Twin Vee Powercats’ common stock on The Nasdaq Capital Market under the symbol “VEEE”. The company remains dedicated to addressing the compliance issue within the stipulated timeline.

Investors and stakeholders are advised to stay informed about Twin Vee Powercats’ efforts to regain compliance with Nasdaq regulations as the company navigates this extension period. Additional updates on the matter will be provided as developments unfold.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Twin Vee Powercats’s 8K filing here.

About Twin Vee Powercats

Twin Vee PowerCats Co engages in the design, manufacture, and marketing of recreational and commercial power catamaran boats. It operates in three segments: Gas-Powered Boat, Electric-Powered Boat, and Franchise. The company's boats allow consumers to use them for a range of recreational activities, such as fishing, diving, and water skiing; and commercial activities, including transportation, eco tours, fishing, and diving expeditions.