Gold prices buoyed by tariff fears; US duties on 1-kilo bars spur supply concerns
Today, Thunder Power Holdings, Inc. (NASDAQ:AIEV), a company previously known as Feutune Light Acquisition Corp, disclosed a notification from The Nasdaq Stock Market LLC regarding potential delisting due to its status as a "public shell." The company’s shares, currently trading at $0.17, have experienced significant turbulence, with a stark decline of nearly 99% over the past year, according to InvestingPro data. Nasdaq’s Listing Qualifications Department expressed the belief that Thunder Power Holdings meets the definition of a public shell according to Nasdaq Listing Rule 5101. The company, however, disagrees with this assessment.
The notification, dated April 8, 2025, has led Thunder Power Holdings to request a hearing with the Nasdaq Hearings Panel to argue for the continued listing of its securities. With a market capitalization of just $11.24 million and an overall Financial Health Score rated as "WEAK" by InvestingPro, the company faces significant challenges. Despite these concerns, the company maintains a current ratio of 1.93, indicating sufficient liquid assets to meet short-term obligations. During this forthcoming hearing, the company intends to provide a detailed presentation of its business operations, emphasizing its efforts to leverage its assets and explore opportunities to invest in or acquire one or more operating businesses with potential for value appreciation.
While Thunder Power Holdings is set to present its case to the Panel, there is no certainty that the company will convince the Panel to maintain its listing on the Nasdaq exchange. The outcome remains pending, and the company has not provided any further details on the date of the hearing or the specific arguments it plans to present.
This development follows Thunder Power Holdings’ transition from Feutune Light Acquisition Corp, with the name change occurring on February 22, 2022. The company, incorporated in Delaware and with principal executive offices in Wilmington, is categorized under the Motor Vehicles & Passenger Car Bodies industry.
The information in this article is based on a press release statement from Thunder Power Holdings, Inc. and reflects the most current data available regarding the company’s compliance with Nasdaq’s listing requirements. Investors and interested parties are advised to follow official announcements for updates on the hearing’s outcome and the company’s listing status. For comprehensive analysis and real-time monitoring of AIEV’s financial metrics, including 8 additional key insights and advanced stock screening tools, consider exploring InvestingPro.
In other recent news, Thunder Power Holdings, Inc. is facing the possibility of being delisted from the Nasdaq Global Market due to non-compliance with the exchange’s listing rules. The company received a notification from Nasdaq on March 7, 2025, indicating it failed to meet the minimum bid price of $1.00 per share and the minimum Market Value of Listed Securities of $50 million. Thunder Power was initially notified of its non-compliance on September 6, 2024, and was given a 180-day grace period, which expired on March 3, 2025. The company’s common stock is set to be suspended from trading on March 18, 2025, unless an appeal is filed. Thunder Power intends to request a hearing before the Nasdaq Hearings Panel by March 14, 2025, to present a compliance plan. Options being considered include a reverse stock split or transferring to the Nasdaq Capital Market. There is no assurance that the company’s plan will be accepted or that it will achieve compliance with the necessary listing requirements. Investors are keeping a close watch as the company seeks to maintain its listing on the Nasdaq Global Market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.