t3 motion inc (TTTM) Key Developments
T3 Motion, Inc. Enters into Strategic Manufacturing Agreement with McDonald Technologies
May 1 13
T3 Motion, Inc. announced it has entered into a strategic manufacturing agreement with McDonald Technologies. Under the terms of the agreement, T3 Motion will collaborate with McDonald Technologies on the manufacturing of its current Patroller(TM) and Vision(TM) Series electric vehicles as well as the development of a new advanced third generation vehicle to be launched in fourth quarter 2013.
T3 Motion Prepares to Launch New T3 Vision Series Personal Electric Vehicle
Apr 11 13
T3 Motion, Inc. announced their upcoming launch into the consumer and related markets with the development of a new personal EV, the T3 Vision(TM) Series, which will launch in the coming weeks. The T3 Vision(TM) Series, after completing rigorous beta and final field testing, has now entered full production and will be released and widely distributed throughout a new global dealer network.
T3 Motion, Inc. announced delayed annual 10-K filing
Apr 2 13
On 04/02/2013, T3 Motion, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC.
T3 Motion, Inc. Enhances Financial Position by Closing $750,000 Credit Facility
Mar 28 13
T3 Motion, Inc. announced that it has enhanced its financial position by completing an additional $750,000 of funding through a revolving secured credit facility from two of its institutional investors, Alpha Capital Anstalt and Brio Capital Master Fund. The twelve month Facility allows for up to $750,000 of borrowings based on a combination of: i) 80% of the value of eligible Accounts Receivable, ii) 65% of the market value of finished inventories, and iii) 50% of the market value of raw materials and sub-assembly inventories. The Facility bears interest at 7.25% payable monthly and is secured by the Company's assets. Alpha Capital Anstalt and Brio Capital Master Fund were both significant investors in the company funding announced in November 2012 and March 2013.
T3 Motion Receives Extension For Listing On NYSE MKT
Mar 20 13
T3 Motion, Inc. announced that on March 15, 2013, the Company received written notification regarding the results of its appeal held on March 4(th) , 2013, before the Panel of the NYSE MKT, LLC (NYSE MKT, or the "Exchange") regarding the Company's compliance with the continued listing standards of the Exchange. After considering the Company's presentations, as well as prior written submissions the Panel unanimously decided to defer further action on the appeal. The Panel concluded that it would test the Company's representations over the next two months before making its final decision. As such, the Panel requested the Staff to provide a report of the Company's operations through May 15, 2013. While the Company did not dispute that it was financially impaired when the staff first cited it for noncompliance with the continued listing standards, the Company now contends that recently it has attracted new equity capital and a new CEO, has reduced product costs as well as operating expenses, obtained an agreement to outsource manufacturing, arranged a factoring agreement and is continuing to develop its dealer network. Should the Staff's report conclude that the Company is no longer financially impaired, this delisting proceeding will be dismissed. Should the Staff's Report not so conclude, the Company will have until the close of business on the second business day after the Company receives the Staff's Report to submit to the Panel a written response. The Panel will then render its final decision in writing.