Bird receives warning from NYSE because its stock price is too low – TechCrunch
Scooter and micromobility company Bird needs to fly at a slightly higher altitude – at least if it wants to retain its listing on the New York Stock Exchange (NYSE). The company issued a press release on Friday noting that it had been advised by the NYSE that its stock price was “not in line” with the exchange’s requirement that Class A common stock for a company quoted must be at least $1.00 in a consecutive period. 30 day trading period.
Bird’s stock price has followed a fairly consistent downward trajectory since its debut via a SPAC merger last November. The closing price has remained below $1 per share since around mid-May, just after the release of its first fiscal quarterly results for 2022. These results saw revenue, gross margins and ride profits fall by quarter over quarter – these ride profits have increased significantly year over year. year.
The NYSE Non-Compliant rating does not mean immediate debarment – it is a preliminary step that gives Bird six months to return to compliance, which means maintaining an average share price of at least $1 over a period of 30 consecutive trading days and also having a stock value greater than $1 on the last trading day of that same month. To get out of the water, Bird says in its statement that it will consider a number of options, including a stock split (subject to shareholder approval).
Bird’s stock price closed at $0.5558 on the trading day.