TEL
AVIV, Israel, Aug. 2, 2024
/PRNewswire/ -- Innoviz Technologies Ltd. (Nasdaq: INVZ) (the
"Company" or "Innoviz"), a leading Tier-1 direct supplier of
high-performance, automotive-grade LiDAR sensors and perception
software, announced today that it has received a written
notification from the Listing Qualifications Department of The
Nasdaq Stock Market LLC ("Nasdaq") dated July 30, 2024, indicating that the Company no
longer satisfies Nasdaq Listing Rule 5450(a)(1) based upon a
closing bid price of less than $1.00
per share for the Company's ordinary shares (the "Shares") for the
prior 30 consecutive business day period.
The notification from Nasdaq has no immediate effect on the
listing of the Shares, and the Shares will continue to trade on the
Nasdaq Capital Market under the symbol "INVZ".
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company is
provided with a grace period of 180 days, or until January 27,
2025, to meet the minimum bid price requirement under the Nasdaq
Listing Rules. If at any time during the 180-day grace period, the
closing bid price of the Shares is $1.00 per Share or higher for at
least ten consecutive trading 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 within the
180-day grace period, and it meets all other listing standards and
requirements, the Company may be eligible for an additional 180-day
grace period, subject to determination by the staff of Nasdaq. The
Company intends to monitor the closing bid price of its Shares
during this grace period and will consider its options in order to
regain compliance with The Nasdaq Capital Market minimum bid price
requirement.
About Innoviz
Innoviz is a global leader in LiDAR technology, serving as a
Tier-1 supplier to the world's leading automotive manufacturers and
working towards a future with safe autonomous vehicles on the
world's roads. Innoviz's LiDAR and perception software "see" better
than a human driver and reduce the possibility of error, meeting
the automotive industry's strictest expectations for performance
and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by
internationally recognized premium car brands for use in consumer
vehicles as well as by other commercial and industrial leaders for
a wide range of use cases. For more information, visit
innoviz.tech.com.
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Forward Looking Statements
This announcement contains certain forward-looking statements
within the meaning of the federal securities laws, including
statements regarding the listing of the Company's shares on Nasdaq
and our ability to regain compliance with applicable Nasdaq rules.
These forward-looking statements generally are identified by the
words "believe," "project," "expect," "anticipate," "estimate,"
"intend," "strategy," "future," "opportunity," "plan," "may,"
"should," "will," "would," "will be," "will continue," "will likely
result," and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this announcement. You should
carefully consider such risk and the other risks and uncertainties
described in Innoviz's annual report on Form 20-F filed with the
U.S. Securities and Exchange Commission ("SEC") on March 12, 2024 and other documents filed by
Innoviz from time to time with the SEC. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Innoviz assumes
no obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Innoviz gives no assurance that it
will achieve its expectations.
Media Contact:
Media@innoviz-tech.com
Investor Contact:
Investors@innoviz-tech.com
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SOURCE Innoviz Technologies