Desktop Metal, Inc. Receives Continued Listing Standard Notice From NYSE
Portfolio Pulse from Benzinga Newsdesk
Desktop Metal, Inc. has received a notice from the NYSE regarding a continued listing standard issue due to the company's stock price. The NYSE requires a minimum average closing price of $1.00 per share over a consecutive 30 trading-day period. Desktop Metal's stock has fallen below this threshold, prompting the notice. The company has a six-month period to regain compliance with the minimum share price requirement. During this period, Desktop Metal's stock will continue to be listed and traded on the NYSE, subject to compliance with other NYSE continued listing standards.
November 29, 2023 | 9:26 pm
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Desktop Metal, Inc. has been warned by the NYSE for not meeting the minimum stock price requirement. The company's stock price has been below $1.00, which is the threshold for continued listing. Desktop Metal has six months to rectify the situation and bring its stock price back above the minimum level.
Receiving a notice from the NYSE about non-compliance with the minimum stock price requirement is a negative signal to the market and can lead to a decrease in investor confidence. This may put further downward pressure on the stock price in the short term as investors may be concerned about the company's ability to regain compliance and the potential risk of delisting. The high relevance score is due to the direct impact of the notice on Desktop Metal, and the importance is high because the stock price is a critical factor for continued listing on the exchange. The confidence level is high as the information is based on a regulatory notice, which is a factual event with clear implications.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100