NYSE to Lightning eMotors: Boost stock price or face delisting
LOVELAND — Zero-emission-vehicle provider Lightning eMotors Inc. (NYSE: ZEV) last week received notice from the New York Stock Exchange that the Loveland firm has six months to increase its stock price above the $1 threshold or else it will be delisted.
Lightning debuted on the NYSE in May 2021 after going public through a deal with a special-purpose acquisition company and has been a consistently poor performer on the stock market since.
Over the past year, the company has seen its stock price shed nearly 93% of its value, ending the trading day Monday at $0.45 per share.
NYSE requires that companies with stocks that dip below the $1 threshold maintain a minimum average closing share price of $1 over 30 consecutive trading days within six months of being notified in order to maintain listing.
“The company has notified the NYSE of its intent to cure the deficiency,” Lightning said. “… The company informed the NYSE that it intends to regain compliance and is considering all available options that are in the best interests of the company and its shareholders, including a reverse stock split of its common stock.”
Wall Street has looked down on Lightning despite higher year-over-year sales, lower losses and better production in the third quarter of 2022. The company’s stock has lost more than half its value since posting its third quarter earnings in early November.