Overview
- Trading on Nasdaq is set to be suspended at the Oct. 13 open, with shares expected to begin trading on the OTCID market under the ticker BINI immediately thereafter.
- The transition follows Nasdaq notifications that the company failed to meet Listing Rule 5550(b)(2) requiring a $35 million market value, after which the company withdrew from the hearings process.
- Bollinger expects Nasdaq to file an SEC Form 25 to formally delist the stock in the near term.
- The company will continue to file periodic reports under the Securities Exchange Act and describes OTCID as a venue emphasizing higher disclosure standards.
- Management says cost savings will be directed toward its commercial EV lineup and operations, and it is evaluating OTC market tiers, a potential return to a national exchange, and an international listing such as AIM.