Virgin Galactic Receives NYSE Continued Listing Standard Notice Because Avg. Closing Price Did Not Exceed $1 Over 30 Consecutive Trading-Day Period; Co. Intends To Regain Compliance By Seeking Stockholder Approval To Complete Reverse Split
Portfolio Pulse from Benzinga Newsdesk
Virgin Galactic has received a notice from the NYSE regarding its failure to maintain an average closing price above $1 over a 30-day period. The company plans to regain compliance by seeking stockholder approval for a reverse stock split.
May 29, 2024 | 8:18 pm
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Virgin Galactic has been notified by the NYSE for not maintaining an average closing price above $1 over a 30-day period. The company plans to address this by seeking stockholder approval for a reverse stock split.
The notice from the NYSE indicates a regulatory issue that could negatively impact investor sentiment. The proposed reverse stock split is a common strategy to regain compliance but may be seen as a sign of financial instability.
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