T3 Motion, Inc. Receives Delisting Notice from NYSE MKT; Plans to Appeal
COSTA MESA, Calif., Oct. 30, 2012
COSTA MESA, Calif., Oct. 30, 2012 /PRNewswire/ --www.t3motion.com-- T3
Motion, Inc.(NYSE MKT:TTTM) (the "Company"), a producer of personal electric
vehicles, announced today that the Company received a notice dated October 26,
2012, from the NYSE MKT (the "Exchange") Staff indicating that the Company was
not in compliance with the Exchange's continued listing standards.
Specifically, the Company is not in compliance with Section 1003(a)(iv) in
that it has sustained losses which are so substantial in relation to its
overall operations or its existing financial resources or its financial
condition has become so impaired that it appears questionable, in the opinion
of the Exchange, as to whether the Company will be able to continue operations
and/or meet its obligation as they mature. As a result, the Company's
securities are subject to being delisted from the Exchange pursuant to Section
1009 of the Company Guide.
As previously disclosed, T3 Motion, Inc. has been operating under a Plan of
Compliance accepted by the Exchange on August 10, 2012 (the "Plan"), that
originally allowed the Company until November 20, 2012 (the "Extension Date")
to regain compliance with the deficiencies noted above. During this period,
the Company has been subject to periodic review by Exchange Staff, and was
informed of the requirement to make progress consistent with the Plan or to
regain compliance with the continued listing standards of the Exchange by the
end of the Extension Date.In the October 26, 2012, notice, however, the
Company was informed of the Staff's determination that the Company had not
made progress consistent with the Plan and failed to present a reasonable
basis to conclude that the Company could regain compliance with the Exchange's
listing standards. Accordingly, the Company's securities are subject to
immediate delisting proceedings.
T3 Motion, Inc. appreciates the time given to the Company to cure its
deficiencies, and has informed NYSE MKT of its intention to pursue the right
of appeal and request a hearing pursuant to Sections 1203 and 1009(d) of the
Exchange's Company Guide. There can be no assurance that the Company's
request for continued listing will be granted at this hearing. In the event
the Company's appeal is unsuccessful, the Company expects that its common
stock will trade on OTC-BB following any official delisting from NYSE MKT.
After review of the available options, the Company's board of directors
concluded that current negotiations for investment capital would, if
consummated quickly, provide sufficient capital to put T3 Motion, Inc. in
compliance with the Exchange's listing standards and allow T3 Motion, Inc. to
retain its NYSE MKT listing. The marginal costs of the appeal and of
continuing ongoing negotiations create a positive cost/benefit tradeoff.
However, there can be no guarantee of finalizing a transaction or, if such a
transaction is completed, of retaining the Exchange listing even if the
Company improves its financial condition. In any scenario, T3 Motion, Inc.
intends to remain as a fully reporting, current SEC filer with transparent
accounting and proper corporate governance.
The Company will continue to update its stockholders on its progress,
including, but not limited to, the status of its NYSE MKT listing. The
Company's trading symbol will bear the "BC" indicator until the Company is
either delisted or regains compliance with the Exchange's continued listing
About T3 Motion, Inc.
T3 Motion, Inc. (AMEX: TTTM) Headquartered in Orange County, California, T3
Motion, Inc. is dedicated to raising the bar on environmental standards and
law enforcement and security capabilities in personal mobility technology.
More than 3,000 T3 Series vehicles have been deployed in over 30 countries
worldwide. For more information, visit www.t3motion.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Statements in this press release regarding T3 Motion's business, which
are not historical facts, are "forward-looking statements" that are not
guarantees of future performance. The words or phrases "would be," "will
allow," "intends to," "will likely result," "are expected to," "will
continue," "is anticipated," "estimate," "project," or similar expressions are
intended to identify "forward-looking statements." Such forward-looking
statements are subject to risks and uncertainties that may cause actual
results to differ materially from those anticipated by the forward-looking
statements. These risks and uncertainties include, among others, factors
associated with market conditions and the satisfaction of customary closing
conditions related to the proposed public offering. For additional information
concerning these and other factors that may cause actual results to differ
from those contained in the forward-looking statements, see "Risk Factors" in
the Company's Registration Statement filed on Form S-1, as amended, and in
the periodic reports the Company files from time to time with the Securities
and Exchange Commission.
T3 Motion, Inc.
Investor Relations Contact
T3 Motion, Inc.
SOURCE T3 Motion, Inc.
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