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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On October 18, 2023, AERWINS Technologies Inc. (the “Company”) received a letter (the “Letter”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that the Staff has determined to delist the Company’s common stock and warrants from The Nasdaq Global Market due to the Company not having regained compliance with Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Requirement”) during the 180-calendar-day period (the “Compliance Period”) following the deficiency letter the Company received from the Staff on April 20, 2023, regarding the Company’s noncompliance with the Minimum Bid Requirement, the receipt of which the Company previously disclosed on a Current Report on Form 8-K filed on April 21, 2023. The Minimum Bid Requirement requires Nasdaq-listed securities to maintain a minimum bid price of $1.00 per share, and for the Company to regain compliance with the Minimum Bid Requirement, the closing bid price of the Company’s common stock would have had to have been at least $1.00 per share for a minimum of ten consecutive business days during the Compliance Period (Nasdaq has the discretion to monitor a company for as long as 20 consecutive business days before deeming the company in compliance).
The Letter stated that, unless the Company requests an appeal of the delisting determination, the Company’s common stock and warrants will be scheduled for delisting at the opening of business on October 27, 2023, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on Nasdaq. The Letter stated that the Company may appeal Staff’s determination to a Hearings Panel (the “Panel”) pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series, with the Company having until 4:00 p.m. Eastern Time on October 25, 2023 to submit a request for such a hearing.
The Company intends to timely request a hearing before the Panel. The hearing request will automatically stay the suspension and/or delisting of the Company’s securities pending completion of the hearing and the expiration of any additional extension period granted by the Panel following the hearing. The Company intends to present at the hearing a plan to regain compliance with the Minimum Bid Requirement and request the continued listing of its common stock on The Nasdaq Global Market pending such compliance. However, there can be no assurance that the Panel will grant the Company’s request or that the Company will ultimately regain compliance with all applicable requirements for continued listing.
As previously disclosed on a Current Report on Form 8-K filed on June 13, 2023, on June 8, 2023, the Company also received a deficiency letter from the Staff of Nasdaq notifying the Company that the listing of its common stock was not in compliance with Nasdaq Listing Rule 5450(b)(2)(A) for continued listing on The Nasdaq Global Market, as the market value of the Company’s listed securities was less than $50,000,000 for the previous 30 consecutive business days and the Company does not meet any of the alternative listing requirements. As of the date of this Current Report on Form 8-K, the Company remains out of compliance with Nasdaq Listing Rule 5450(b)(2)(A).
As previously disclosed on a Current Report on Form 8-K filed on September 13, 2023, on September 8, 2023, the Company also received a deficiency letter from the Staff of Nasdaq notifying the Company that the listing of its common stock was not in compliance with the minimum Market Value of Publicly Held Shares (the “MVPHS”) requirement set forth in Nasdaq Listing Rule 5450(b)(2)(C) for continued listing on Nasdaq. Nasdaq Listing Rule 5450(b)(2)(C) requires the minimum MVPHS of $15,000,000, and Nasdaq Listing Rule 5810(c)(3)(D) provides that a failure to meet the minimum MVPHS requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the MVPHS of the Company’s common stock between July 27, 2023 and September 7, 2023, the Company no longer met the minimum MVPHS requirement. As of the date of this Current Report on Form 8-K, the Company remains out of compliance with Nasdaq Listing Rule 5450(b)(2)(C).
AERWINS Plans to Obtain XTURISMO FAA Approval Established US Subsidiary
Newsfile Corp.
Newsfile Corp
Tokyo, Japan--(Newsfile Corp. - October 9, 2023) - AERWINS Technologies Inc. (NASDAQ: AWIN) ("AERWINS" or the "Company") announced today its Board of Directors has approved the establishment of a United States subsidiary in Los Angeles, California to pursue the redesign of its XTURISMO Ltd Edition prototype 1 hoverbike (the "XTURISMO"). These plans are intended to position the XTURISMO more favorably for wider markets, including the United States and Europe and to seek certification of the XTURISMO by the U.S. Federal Aviation Administration (the "FAA"). The redesign is expected to include an alternative powerplant and fuel source, airframe stabilization, use of more efficient rotors with safety features, an upgraded driver seat and enclosure, use of a harness-based wiring system and redesigned onboard electronic systems, among other things.
This initiative will be led by the Company's Executive Chairman and President, Kiran Sidhu. Mr. Sidhu will lead a dedicated U.S. based team that will focus on obtaining FAA approval for XTURISMO and managing necessary redesigns. Among the recent steps Mr. Sidhu has taken on this project include discussions with an FAA-certified manufacturer with expertise in helicopter system design and the identification of additional FAA-certified companies that are expected to join the project. The Company believes that utilizing FAA-certified companies offers an increased level of technical and engineering and financial support that will enable the Company to implement the enhancements to the XTURISMO and thus expand its potential to enter new markets.
In addition, Mr. Sidhu will oversee various contractors who will be working on this initiative. These include Kevin Su who will be reviewing XTURISMO's mechanical engineering and manufacturing practices, Cassidy McCord who will oversee the overall design and product positioning, David Bentil who will be responsible for developing North American distribution channels and Gursimran Gill who will be developing a website for future customer orders.
Mr. Sidhu has agreed to provide the Company with up to $300,000 in working capital to launch the initial phase of this redesign initiative by way of an interest free demand loan. "I strongly believe in the potential of XTURISMO, am fully committed to its success and have agreed to personally provide seed financing to jump start our planned redesign. I have not drawn a salary nor have I received any equity compensation for my work since I joined," said Kiran Sidhu, Executive Chairman and President of AERWINS.
Data from the U.S. Bureau of Labor Statistics and Indeed.com reveal that the Los Angeles metropolitan area is home to the highest number of aerospace engineers in the U.S., with over 4,000 aerospace engineers. The region potentially employs over 50,000 professionals in the aerospace and defense sector. Prominent aerospace entities like Jet Propulsion Laboratory in Pasadena, SpaceX in Hawthorne, and NASA Armstrong Flight Research Center in Palmdale are nearby, and major aerospace corporations, including Boeing, Lockheed Martin, and Raytheon, have a local presence.
About XTURISMO:AERWINS developed XTURISMO Limited Edition. It is a manifestation of the dream of air mobility that endeavors to create an entirely new way to experience the world, enabling users to feel the joy and pleasure of moving freely in space. The Company believes it has many practical possibilities in Japan and overseas, including use in disaster relief, infrastructure inspection, and entertainment. XTURISMO Limited Edition was unveiled at Fuji Speedway in October 2021; XTURISMO Limited Edition also participated in the Detroit Auto Show in September 2022.
Information about XTURISMOOfficial website: https://aerwins.us/XTURISMO/
Video: https://www.youtube.com/channel/UCPP6jQKTqCRXpAmyfZ-94VQ
Instagram: https://www.instagram.com/XTURISMO_official/
About AERWINS Technologies Inc.Under the mission statement Changing Society from the Top Down, AERWINS Technologies is focused on developing and deploying the XTURISMO Hoverbike. AERWINS will continue to innovate, unbound by existing ideas, to build and deploy the systems necessary to realize an air mobility society. For more information, please visit https://aerwins.us/.
Important Notice Regarding Forward-Looking StatementsThis press release contains forward-looking statements. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as "believe," "intend," "expect," "anticipate," "plan," "potential," "continue," or similar expressions. Such forward-looking statements include risks and uncertainties, and important factors could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks, and uncertainties are discussed in AERWINS' filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown uncertainties and other factors which are, in some cases, beyond AERWINS' control and could, and likely will, materially affect actual results, levels of activity, performance, or achievements. Any forward-looking statement reflects AERWINS' current views concerning future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. AERWINS assumes no obligation to publicly update or revise these forward-looking statements for any reason or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available. The contents of any website referenced in this press release are not incorporated by reference herein.
PR and IR Inquiriesinfo@aerwins.us
https://images.newsfilecorp.com/files/9866/183354_8c3c688c2475080f_logo.jpg
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/183354
SOURCE AERWINS Technologies Inc.
https://api.newsfilecorp.com/newsinfo/183354/130
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#DDAmanda Video Analysis: $AWIN
AWIN, Pump to dump before Bankruptcy.
AWIN: Given all the insane hoopla, one would think their PR today divulged that this Firm had just signed a full-blown CONTRACT with GM, Ford, & Chrysler for 10,000 'FLYING MOTORCYCLES' with delivery of them all by the end of 2024.
AWIN, cash: $35k, Loss; $19 Million, Will file Bankruptcy SOON!
10-Q:
https://www.otcmarkets.com/filing/html?id=16879201&guid=Xig-kp5kxDnKJth
Yep. I'll wait to see if it drops a bit more after open before getting in.
The Company is in discussion with potential joint venture partners who are U.S. Federal Aviation Administration approved and offer an increased level of technical and engineering and financial support that management believes will enable the Company to implement the enhancements to its hoverbike and thus expand its potential to enter new markets.
Boom Boomtime
This company is a complete disaster, they dont have a cent, so thats why the Stock Is sinking
Add — look for warrant and options AWIN aerwins
AWIN $$$ LOADING THESE CHEAPIES HERE, A NO-BRAINER HERE, WATCH EOD HERE.....
Ready for this week! AWIN AWINW on the road to 1000%
Thank you! Sold 30% only
Little AH action now… let’s see
AWIN $$$ IM LOADING MORE..THESE LEVELS ARE A GIFT..
WRONG MOVE TRIPLE..AWIN$$$COULD GO HUGE AFTER-HOURS...POWER-HOUR ALMOST HERE..
$AWIN: NOW 0.29 !!!!!!!!!!!!!!!!!!!
How u like me now ????
Get me a SUB somebody............ i know u makin that ez money
gave to u at 0.21 earlier today
GO $AWIN
AWIN going to file Bankruptcy after close?
AWIN, cash: $35k, Loss; $19 Million, Will file Bankruptcy SOON!
10-Q:
https://www.otcmarkets.com/filing/html?id=16879201&guid=Xig-kp5kxDnKJth
AWIN, a dead cat pump and dump before its death. LOL.
$AWIN: Greatttttttttt call............. boom to $0.20
Wow.............. helluva a chart bounce from $0.12 just yesterday
Gooooooooooooooooo $AWIN
Waiting to exercise them at $11.50 would be like wishing for a winning lottery ticket,with the odds very much most likely, but if the stock could get back above $0.60 the warrants would most likely be three times higher then these price levels, and that's more then enough to be worth the while if that move higher was to happen.
I mean the warrants exercise at $11.50 ...quite a bit higher from the current price.
Ding bat warrants sellers never get it right, the morons always sell them for half the price lower than were they end up running higher up to.
$AWIN - Up 13% Pre-Market/ Current Price $0.27
Aerwins Patented Air Mobility Platform to Revolutionize Low Altitude Flights for Vehicles Opening Flight Possibilities for Electric Vehicles - 7/17/23
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