Gold prices buoyed by tariff fears; US duties on 1-kilo bars spur supply concerns
Thunder Power Holdings, Inc. (NASDAQ:AIEV), a manufacturer of motor vehicles and passenger car bodies, has received a notice from the Nasdaq Stock Market LLC indicating that the company’s common stock will be delisted. The Nasdaq Hearings Panel has decided to uphold the denial of Thunder Power’s request to continue its listing, with the suspension of trading set to take effect at the opening of the market today. According to InvestingPro data, the stock has experienced significant volatility and sharp declines across multiple timeframes, with particularly steep losses over the past week and month.
The delisting process began when Nasdaq staff notified Thunder Power on September 4, 2024, that the company failed to meet the minimum bid price and market value of listed securities requirements. Despite efforts to transfer the listing from the Nasdaq Global Market to the Nasdaq Capital Market, and an initial approval for the transfer regarding market value compliance, the company was unable to regain compliance with the bid price rule. While InvestingPro analysis shows the company maintains liquid assets exceeding short-term obligations and operates with moderate debt levels, these factors weren’t sufficient to prevent the delisting.
Further complicating the situation, Nasdaq staff expressed a new concern on April 8, 2025, suggesting that Thunder Power might be operating as a public shell company. After a hearing on April 15, 2025, the Panel issued the final delisting notice.
Thunder Power is expected to transition to the Pink Tier of the OTC market following its Nasdaq delisting. This move will allow the company’s securities to continue trading, albeit on a less prestigious platform.
The delisting marks a significant setback for Thunder Power Holdings, which had previously operated under the name Feutune Light Acquisition Corp before changing its name on February 22, 2022. The company’s interim Chief Financial Officer, Pok Man Ho, signed off on the SEC filing on April 21, 2025, confirming these events.
This report is based on statements from a press release and reflects the most recent information provided by Thunder Power Holdings in its SEC filing.
In other recent news, Thunder Power Holdings, Inc. is facing potential delisting from the Nasdaq Global Market due to non-compliance with specific listing rules. The company received a notification from Nasdaq on March 7, 2025, stating it failed to meet the minimum bid price of $1.00 per share and the minimum Market Value of Listed Securities (MVLS) of $50 million. Thunder Power Holdings has expressed its intention to request a hearing before the Nasdaq Hearings Panel by March 14, 2025, to temporarily stay the suspension and delisting. The company plans to present a compliance plan during this hearing, which may include a reverse stock split or transferring to the Nasdaq Capital Market. Additionally, Thunder Power Holdings received another notification from Nasdaq on April 8, 2025, regarding its classification as a "public shell," which the company disputes. Thunder Power intends to argue for the continued listing of its securities by presenting a detailed overview of its business operations. This follows the company’s transition from Feutune Light Acquisition Corp, with the name change occurring on February 22, 2022. Investors are advised to follow official announcements for updates on the hearing’s outcome and the company’s listing status.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.