SQZ Biotechnologies announced that on January 18, 2023, it received notice from the New York Stock Exchange indicating that the company is not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of the company’s common stock was less than $1.00 over a consecutive 30 trading-day period. The notice does not result in the immediate delisting of the company’s common stock from the NYSE. The company plans to notify the NYSE of its intent to cure the stock price deficiency and return to compliance with the NYSE’s continued listing standards. Under NYSE rules, the company has a period of six months from receipt of the NYSE notice to cure the stock price deficiency and regain compliance with the NYSE’s continued listing standards. The company can regain compliance at any time within such cure period if, on the last trading day of any calendar month during the cure period, the company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. The company intends to consider available alternatives, including, but not limited to, a reverse stock split, subject to stockholder approval at the company’s next annual meeting of stockholders, if necessary to cure the stock price deficiency. The company’s common stock will continue to be listed and trade on the NYSE during this cure period, subject to SQZ Biotechnologies’ compliance with other NYSE continued listing standards.
Published first on TheFly
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