Taiwan’s Gogoro responds to Nasdaq regulatory warning

台灣Gogoro回應納斯達克監管警告

Electric scooter maker seeks to adjust stock listing as share price falls below US$1 threshold


TAIPEI (Taiwan News) — Gogoro shares fell below the minimum US$1 (NT$32) for Nasdaq listing in mid-September, requiring action before the conclusion of a grace period which ends on Monday.

Gogoro responded by applying for the transfer of common shares from the stringent Nasdaq Global Select Market to the lesser category, the Nasdaq Capital Market. During the review period, Gogoro will maintain its listing qualification and continue trading, per CNA.

Gogoro debuted on the Nasdaq in April 2022 through a merger with Poema Global, a special-purpose acquisition company. Trading in Gogoro shares soon peaked at US$14, though trading continued to trend lower, with Friday’s close at US$0.26.

Gogoro said the Nasdaq warning has not affected the company's daily business operations. It said it would take measures to comply with listing regulations and supply a business improvement plan.

At an investor’s earnings report in mid-February, Gogoro predicted Taiwan's two-wheeler market demand would be consistent with the previous year. The company also expected the Taiwan market to contribute 95% of the company’s revenue.

In addition, the company also announced a plan to accelerate its battery upgrade plan, which it expects to complete by year-end. As for full-year operations, the company projects revenue between US$295-315 million.