EV startup Fisker receives non-compliance notice from NYSE (updated)
16/02/2024 22:08
(Adds details in paragraphs 2, 3, 4 and 5)
Feb 16 (Reuters) - Electric vehicle startup Fisker
FSR.N said on Friday it had received a non-compliance notice
from the New York Stock Exchange as its stock had closed below
$1 on average for 30 consecutive trading days.
Failure to comply with the NYSE's rules can lead a
company to get delisted from the world's largest stock exchange.
Recipients of such notices typically get some time to
regain compliance with the exchange's rules before delisting
proceedings are initiated.
The company said the notice does not lead to an
immediate delisting from the stock exchange, adding it has six
months to regain compliance.
Companies typically use reverse stock splits and share
buybacks to regain compliance with the $1 minimum price
requirement.
(Reporting by Zaheer Kachwala and Niket Nishant in Bengaluru;
Editing by Tasim Zahid)
((Zaheer.Kachwala@thomsonreuters.com;))