Stem, Inc. announced it received a notice of non-compliance from the New York Stock Exchange (NYSE) for failing to meet its continued listing standards. The company fell below the required minimum average market capitalization and stockholders' equity levels over a 30-day trading period. Stem intends to submit a plan to regain compliance.
Key Details
- Reason for Non-Compliance: The company was not in compliance with NYSE Section 802.01B, which requires an average market capitalization and stockholders' equity of at least $50.0 million each over a 30 consecutive trading-day period.
- Compliance Plan: Stem intends to submit a business plan to the NYSE within 45 days demonstrating how it expects to regain compliance within an 18-month cure period.
- Immediate Impact: The company's common stock will continue to trade on the NYSE during the cure period. The notice does not affect business operations or SEC reporting requirements.