TAIPEI, Nov. 1, 2024
/PRNewswire/ -- Gogoro Inc. ("Gogoro," "the Company" or "We")
(Nasdaq: GGR), a global technology leader in battery swapping
ecosystems that enable sustainable mobility solutions for cities,
today announced that it has received a written notification from
the staff of the Listing Qualifications Department of The Nasdaq
Stock Market LLC ("Nasdaq") dated October
29, 2024, indicating that for the last 30 consecutive
business days, the closing bid price of the Company's ordinary
shares was below the minimum bid price of US$1.00 per share requirement set forth in Nasdaq
Listing Rule 5450(a)(1). The Nasdaq notification letter has no
current effect on the listing or trading of the Company's ordinary
shares on Nasdaq.
Pursuant to the Nasdaq Listing Rule 5810(c)(3)(A), the Company
is provided with a compliance period of 180 calendar days, or until
April 28, 2025, to regain compliance under the Nasdaq Listing
Rules. If at any time during the 180-day compliance period, the
closing bid price of the Company's ordinary shares is US$1.00 per
share or higher for at least ten consecutive business days, Nasdaq
will provide the Company written confirmation of compliance and the
matter will be closed. In the event the Company does not regain
compliance by April 28, 2025, subject to the determination by the
staff of Nasdaq, the Company may be eligible for an additional
180-day compliance period if it applies to transfer the listing of
its ordinary shares to the Nasdaq Capital Market. To qualify, the
Company will be required to meet the continued listing requirement
for market value of publicly held shares and all other initial
listing standards for the Nasdaq Capital Market, with the exception
of the bid price requirement, and will need to provide written
notice of its intention to cure the deficiency during the second
compliance period, including by effecting a reverse stock split, if
necessary.
The Nasdaq notification letter does not affect the Company's
business operations, and the Company will take all reasonable
measures to regain compliance within the prescribed grace
period.
About Gogoro
Founded in 2011 to rethink urban energy and inspire the world to
move through cities in smarter and more sustainable ways, Gogoro
leverages the power of innovation to change the way urban energy is
distributed and consumed. Recognized by Fortune as a "Change the
World 2024" company; Fast Company as "Asia-Pacific's Most Innovative Company of
2024"; Frost & Sullivan as the "2024 Global Company of the Year
for battery swapping for electric two-wheel vehicles"; and, MIT
Technology Review as one of "15 Climate Tech Companies to Watch" in
2024, Gogoro's battery swapping and vehicle platforms offer a
smart, proven, and sustainable long-term ecosystem for delivering a
new approach to urban mobility. Gogoro has quickly become an
innovation leader in vehicle design and electric propulsion, smart
battery design, battery swapping, and advanced cloud services that
utilize artificial intelligence to manage battery charging and
availability. The challenge is massive, but the opportunity to
disrupt the status quo, establish new standards, and achieve new
levels of sustainable transportation growth in densely populated
cities is even greater. For more information, visit
www.gogoro.com/news and follow Gogoro on Twitter:
@wearegogoro.
Forward-Looking Statements
This communication contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements generally relate to future
events or Gogoro's future financial or operating performance. In
some cases, you can identify forward-looking statements because
they contain words such as "may," "will," "should," "expects,"
"plans," "anticipates," "going to," "could," "intends," "target,"
"projects," "contemplates," "believes," "estimates," "predicts,"
"potential" or "continue" or the negative of these words or other
similar terms or expressions that concern Gogoro's expectations,
strategy, priorities, plans or intentions. Forward-looking
statements in this communication include, but are not limited to,
statements about the Company's plan or prospect of regaining
compliance with Nasdaq's minimum bid price requirement.
Gogoro's expectations and beliefs regarding these matters may
not materialize, and actual results in future periods are subject
to risks and uncertainties that could cause actual results to
differ materially from those projected, including risks related to
macroeconomic factors including inflation and consumer confidence,
risks related to the Taiwan
scooter market, risks related to political tensions, Gogoro's
ability to effectively manage its growth, Gogoro's ability to
launch and ramp up the production of its products and control its
manufacturing costs and manage its supply chain issues, Gogoro's
risks related to ability to expand its sales and marketing
abilities, Gogoro's ability to expand effectively into new markets,
foreign exchange fluctuations, Gogoro's ability to develop and
maintain relationships with its partners, risks related to probable
defects of Gogoro's products and services and product recalls,
regulatory risks and Gogoro's risks related to strategic
collaborations, risks related to the Taiwan market, India market, Philippines market and other international
markets, alliances or joint ventures including Gogoro's ability to
enter into and execute its plans related to strategic
collaborations, alliances or joint ventures in order for such
strategic collaborations, alliances or joint ventures to be
successful and generate revenue, the ability of Gogoro to be
successful in the B2B market, risks related to Gogoro's ability to
achieve operational efficiencies, Gogoro's ability to raise
additional capital, the risks related to the need for Gogoro to
invest more capital in strategic collaborations, alliances or joint
ventures, risks relating to the impact of foreign exchange and the
risk of Gogoro having to adjust the accounting treatment associated
with its joint ventures. The forward-looking statements contained
in this communication are also subject to other risks and
uncertainties, including those more fully described in Gogoro's
filings with the Securities and Exchange Commission ("SEC"),
including in Gogoro's Form 20-F for the year ended December 31, 2023, which was filed on
March 29, 2024 and in its subsequent
filings with the SEC, copies of which are available on the SEC's
website at www.sec.gov. The forward-looking statements in this
communication are based on information available to Gogoro as of
the date hereof, and Gogoro disclaims any obligation to update any
forward-looking statements, except as required by law.
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SOURCE Gogoro Inc.