BEST Inc. Receives Notice Regarding NYSE Continued Listing Standards
Portfolio Pulse from Benzinga Newsdesk
BEST Inc. (NYSE:BEST), a smart supply chain solutions and logistics services provider, has been notified by the NYSE of non-compliance with market capitalization and equity criteria for continued listing. As of October 16, 2023, BEST's average market capitalization was below $50 million over 30 days, and its stockholders' equity as of June 30, 2023, was under $50 million. Despite this, BEST remains in compliance with other NYSE standards and its shares will continue to trade on the NYSE.
November 14, 2023 | 8:11 am
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BEST Inc. has received a notice from the NYSE for not meeting the market capitalization and equity continued listing standards. The company's market cap and stockholders' equity were below the required $50 million threshold.
Receiving a notice of non-compliance from the NYSE regarding listing standards is a negative signal to investors and can lead to bearish sentiment in the short term. It raises concerns about the company's financial stability and may result in increased selling pressure. However, the fact that shares continue to trade and the company is in compliance with other standards may mitigate some negative impact.
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