Energy Vault faces delisting from the NYSE
Westlake Village-based Energy Vault, a global energy storage company, received a notice from the New York Stock Exchange on April 16 that the company is not in compliance with NYSE’s continued listing standards.
This is because the average closing price of Energy Vault’s common stock was less than $1 over a consecutive 30-trading-day period. Shares closed at 69 cents on April 22. The last time shares were above $1 was March 17.
Under NYSE rules, Energy Vault has a period of six months from receipt of the notice to regain compliance with the NYSE minimum stock price listing requirement. Energy Vault plans to notify the NYSE by May 1 of its intent to cure the stock price deficiency and return to compliance with the NYSE’s continued listing standards.
Energy Vault intends to consider available alternatives, subject to stockholder approval, to cure the stock price non-compliance, it said in a press release. Energy Vault’s common stock will continue to be listed and traded on the NYSE during this cure period.
Energy Vault went public in 2021 via a special-purpose acquisition company, where shares opened at $9.75. Shares reached a peak of $18 in April 2022 and have been on a tumble since.
