Ambrx Biopharma (NYSE: AMAM) was down by more than 8% in pre-market trading on Monday as the clinical-stage biopharma company announced that it had received a non-compliance notice from the New York Stock Exchange (NYSE) on November 23.
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The notice stated that AMAM “was not in compliance with the NYSE’s continued listing standards because the average closing price of Ambrx’s American Depositary Shares (ADS), each representing seven ordinary shares, had fallen below $1.00 per ADS (Minimum Stock Price) over a period of 30 consecutive trading days, which is the minimum average closing price per ADS required to maintain continued listing on the NYSE.”
Ambrx has six months after receiving the notice to be compliant again with the Minimum Stock Price requirement.
AMAM stock has tanked more than 70% this year.
