Owlet, Inc. Announces NYSE Acceptance Of Continued Listing Compliance Plan
Portfolio Pulse from Happy Mohamed
Owlet, Inc. (NYSE:OWLT) has announced that the New York Stock Exchange (NYSE) has accepted its business plan to regain compliance with the continued listing standards. The company was previously not in compliance due to its average global market capitalization and stockholders' equity being less than $50 million. The NYSE has given Owlet an 18-month cure period to regain conformity. A 1-for-14 reverse stock split of the Common Stock became effective on July 7, 2023, which the company expects will help it regain compliance with the $1.00 minimum average closing price requirement of the NYSE.
July 11, 2023 | 12:47 pm
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NEUTRAL IMPACT
Owlet's acceptance by the NYSE of its plan to regain compliance with listing standards could potentially stabilize the company's stock price in the short term. However, the company's ability to meet the NYSE's requirements within the 18-month cure period will be crucial for its continued listing.
The acceptance of Owlet's compliance plan by the NYSE provides a short-term relief for the company and its investors, potentially stabilizing the stock price. However, the company's ability to meet the NYSE's requirements within the 18-month cure period will be crucial for its continued listing, which could impact the stock price based on the company's progress towards these goals.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100