Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On January 18, 2023, Wejo Group Limited (the "Company") received a notice (the
"Notice") from the Listing Qualifications Staff (the "Staff") of The NASDAQ
Stock Market LLC ("NASDAQ") notifying the Company that, based upon based upon
the closing bid price of the Company's common shares, par value $0.001 per share
(the "Common Shares"), for the last 30 consecutive business days, the Company no
longer meets the requirement to maintain a minimum bid price of $1.00 per share,
as set forth in NASDAQ Listing Rule 5450(a)(1).
In accordance with NASDAQ Listing Rules 5810(c)(3)(A), the Company has been
provided a period of 180 calendar days, or until July 17, 2023, in which to
regain compliance with the minimum bid price requirement. In order to regain
compliance with the minimum bid price requirement, the closing bid price of the
Common Shares must be at least $1.00 per share for a minimum of ten consecutive
business days during this 180-day period. If the Company does not regain
compliance within this 180-day period, the Company may be eligible for an
additional 180 calendar day compliance period provided that it meets the
continued listing requirement for market value of publicly held shares and all
other initial listing standards, with the exception of the minimum bid price
requirement, and will need to provide written notice of its intention to cure
the deficiency during the second compliance period such as by effecting a
reverse stock split, if necessary. If the Company fails to regain compliance
prior to the expiration of the compliance period, including any extension
thereof, the Staff will provide written notice to the Company that its
securities are subject to delisting.
The Notice has no immediate impact on the listing of the Company's Common
Shares, which will continue to trade on the NASDAQ under the symbol "WEJO." An
indicator of the Company's non-compliance, however, will be displayed with
quotation information related to the Common Shares on NASDAQ.com and
NASDAQTrader.com and may be displayed by other third party providers of market
data information.
The Company intends to actively monitor the closing bid price for its Common
Shares and will consider available options to resolve the deficiency and regain
compliance with NASDAQ Listing Rule 5450(a)(1).
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