Velo3D announced that it was notified by the New York Stock Exchange (NYSE) on December 28, 2023 that it was not in compliance with Rule 802.01C of the Publicly Traded Companies Manual regarding the minimum average closing price of its common stock for a consecutive 30-day period. The notification does not result in the immediate delisting of the company’s shares from the NYSE.
The Company may regain compliance at any time during the six-month recovery period if, on the last day of any calendar month during that period, the closing price of the common stock is $1.00 or more and the average closing share price is $1.00 or more. 00 dollars during the 30 trading day period ending on the last trading day of that month.
Velo3D says it intends to notify the NYSE within 10 business days of its intention to regain compliance with Rule 802.01C. The company says it intends to remain listed on the NYSE and will consider best available alternatives, including but not limited to a reverse stock split, subject to shareholder approval. A reverse stock split consolidates a company’s existing stock into a smaller number of shares of proportionate value.
In December 2023, less than two weeks before Velo3D received notice from the NYSE, company founder Benny Buller stepped down as the company’s CEO. Buller, who founded Velo3D in 2014, will remain on the company’s board. Brad Kreger, Velo3D’s vice president of operations, has been named interim CEO as the company begins a search for a permanent replacement. With Buller’s departure, Velo3D has initiated a strategic business review process to explore strategic alternatives, which may include, but are not limited to, a strategic transaction, potential merger, business combination or sale.
Source: www.velo3d.com