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Lightning receives notice of potential delisting from NYSE

LOVELAND — Lightning eMotors Inc. (NYSE: ZEV) has received a notice of potential delisting from the New York Stock Exchange unless it can increase its shareholder equity and its global market capitalization.

The notice was received Aug. 29, and the company filed an updated report with the U.S. Securities and Exchange Commission on Sept. 1.

The notice requires that it file a business plan to correct the deficiencies within 45 days. The remedial plan outlined in the business plan can be accomplished over 18 months, according to the NYSE notice. 

The stock exchange notice said that the company’s average global market capitalization for more than 30 consecutive trading days fell below $50 million, and that its stockholders equity was less than $50 million as well. The company’s June 30 quarterly report listed stockholder equity at $22.9 million.

If the exchange accepts the business plan, then Lightning’s stock can continue to be listed while it works its plan.

Lightning reported in August that it is considering a sale of the company as it deals with cash flow and supply chain issues that have hampered the company’s growth.Company spokesman Nick Bettis told BizWest today that it is “evaluating the steps as outlined in the NYSE’s listing manual to keep the listing in place.”

Source: BizWest