Saleen Automotive, Inc. (OTCMKTS:SLNN) Files An 8-K Regulation FD DisclosureItem 7.01 Regulation FD Disclosure.
On September 25, 2017, the Securities and Exchange Commission (“SEC”) initiated an Administrative Proceeding against Saleen Automotive, Inc. (“we” or the “Company”) and suspended public trading of the Company’s common stock as a result of the Company’s delinquency in filing periodic reports with the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
On October 10, 2017, the Company submitted an Offer of Settlement (the “Offer”) to the SEC in connection with the Administrative Proceeding. to the Offer, we have agreed to the entry of an Order by the SEC revoking the registration of our common stock under Section 12(j) of the Exchange Act. We expect the Offer to become effective on or about October 11, 2017, following which time we will cease to be a publicly reporting company, and our obligations to file periodic reports with the SEC under the Exchange Act will terminate.
Following the effectiveness of the Order, we will continue to operate our business in the ordinary course. As previously announced, we will also seek to effect a reverse split of our common stock under Nevada law and effect the conversion into common stock of our outstanding shares of Series A Preferred Stock and other convertible securities (the “Recapitalization”), so that following the Recapitalization, we will have outstanding less than 50 million shares of common stock on a fully-diluted basis. Because we will no longer be subject to the Exchange Act, we will be able to effect the Recapitalization without filing an Information Statement or Proxy Statement with the SEC.
We are also planning to file a Form 10 with the SEC in the future (following the effectiveness of the Order and the proposed Recapitalization) to re-register our common stock under Section 12 of the Exchange Act so that public trading of our common stock can resume. However, there can be no assurance that we will ever resume being a publicly traded company with an obligation to file periodic reports under the Exchange Act.
About Saleen Automotive, Inc. (OTCMKTS:SLNN)
Saleen Automotive, Inc. (Saleen) is a vehicle design, engineering and manufacturing company. The Company designs, develops, manufactures and sells various vehicles built from base chassis of Ford Mustangs, Chevrolet Camaros, Dodge Challengers and Tesla Model S vehicles. The Company focuses on the mass customization of original equipment manufacturer (OEM) American sports and electric vehicles, and the production of the United States -engineered sports cars. The Company’s Saleen-branded products include a line of muscle and electric cars, automotive aftermarket specialty parts and lifestyle accessories. The Company focuses on developing an American supercar. The Company utilizes automobile manufacturers, such as Ford, Chevrolet, Dodge and Tesla platform vehicles for its electric vehicle production. The Company’s product line of American Supercars includes the Saleen 570 and 570X Challenger, the Saleen 302 and 302SC and S351X Mustang, and the Saleen 620 and 620X Camaro.