Australia, Charging Stations, Company News, Electric Trucks, Transport News

Charging company Tritium receives share determination letter

Tritium was once a major player in the EV charging market. Now, it’s fighting to retain its spot on the Nasdaq stock market

Electric vehicle charging company Tritium has received a notice from Nasdaq that it doesn’t currently meet the minimum publicly held shares required to be listed on the stock market.

The notice means the global developer and manufacturer of direct current electric vehicle fast chargers will need to discuss the call with Nasdaq and present its future views.

By not meeting the minimum 1.1 million publicly held shares required for the public float standard for Nasdaq, Tritium will now need to demonstrate a plan to regain compliance with the standard and take all necessary steps for its shares to remain trading on Nasdaq until a Nasdaq Hearings Panel makes a final determination.

Tritium was founded in 2001 and has manufactured hardware and software for advanced DC fast chargers for electric vehicle.

In April, the brand appointed voluntary administrators to its three Australian subsidiary brands in Tritium, Tritium Holdings and Tritium Nominee.

Now, it needs to prove its future viability to Nasdaq to continue trading as an EV charging supplier.

The news comes after Tritium advanced in November last year that it was cutting roughly 400 jobs and restructuring its Brisbane factory to achieve a profit in 2024.

Previous ArticleNext Article
Send this to a friend