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 received a message from the NYSE that its stock price was “not in line” with the exchange’s requirement that Class A common stock for a listed company must be at least $1.00 in a consecutive year. 30 day trading period.
Birds’ 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. .
The non-compliant rating from NYSE does not mean an immediate delisting, 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 on a period of 30 consecutive trading days and also have a share 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).
Birds stock price closed at $0.5558 on the trading day.
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