Local Bounti Receives Continued Listing Standard Notice From NYSE
Portfolio Pulse from Benzinga Newsdesk
Local Bounti Corporation (NYSE:LOCL), an indoor agriculture company, received a notice from the NYSE on April 3, 2024, for not meeting the Minimum Market Capitalization Standard. The company's market capitalization and stockholders' equity were both below $50 million. Local Bounti plans to submit a compliance plan within 45 days and has 18 months to meet the NYSE's standards. The notice does not immediately affect its stock listing, and the company is exploring options to regain compliance.
April 05, 2024 | 8:33 pm
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Local Bounti Corporation received a notice from the NYSE for not meeting the Minimum Market Capitalization Standard and plans to submit a compliance plan within 45 days.
Receiving a notice from the NYSE for not meeting the Minimum Market Capitalization Standard is a significant negative signal to investors, indicating potential financial instability or underperformance. This news could lead to a decrease in investor confidence and potentially lower stock prices in the short term. However, the company's intention to submit a compliance plan and explore options to regain compliance might mitigate some negative impacts.
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