Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On June 14, 2022, HyreCar Inc. (the "Company") received a letter (the "Notice")
from the listing qualifications department staff (the "Staff") of The Nasdaq
Stock Market LLC ("Nasdaq") notifying the Company that, for the last 30
consecutive business days, the Company's minimum Market Value of Listed
Securities ("MVLS") was below the minimum of $35 million required for continued
listing on the Nasdaq Capital Market pursuant to Nasdaq listing rule 5550(b)(2).
The Staff also noted the Company does not meet the alternative standards under
Nasdaq listing rule 5550(b)(1) or 5550(b)(3) for continued listing on the Nasdaq
Capital Market. The Notice has no immediate effect on the listing of the
Company's common stock, par value $0.00001 per share (the "Common Stock"), which
continues to trade on the Nasdaq Capital Market under the symbol "HYRE."
In accordance with Nasdaq listing rule 5810(c)(3)(C), the Company has 180
calendar days, or until December 12, 2022, to regain compliance. The Notice
states that to regain compliance, the Company's MVLS must close
at $35 million or more for a minimum of ten consecutive business days (or such
longer period of time as the Nasdaq staff may require in some circumstances, but
generally not more than 20 consecutive business days) during the compliance
period ending December 12, 2022.
If the Company does not regain compliance by December 12, 2022, the Staff will
provide written notice to the Company that the Common Stock is subject to
delisting. At that time, the Company may appeal any such delisting determination
to a hearings panel.
The Company intends to actively monitor the Company's MVLS between now and
December 12, 2022 and may, if appropriate, evaluate available options to resolve
the deficiency and regain compliance with the minimum MVLS. While the Company is
exercising diligent efforts to maintain the listing of its Common Stock on
Nasdaq, there can be no assurance that the Company will be able to regain or
maintain compliance with Nasdaq listing standards.
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