The notice does not result in the immediate delisting of the company’s common stock from the NYSE.
Velo3D intends to notify the NYSE within 10 business days of its intent to regain compliance with Rule 802.01C. The company can regain compliance at any time within the six-month cure period if, on the last trading day of any calendar month during the cure period, the common stock has a closing share price of at least US$1.00 and an average closing share price of at least US$1.00 over the 30 trading-day period ending on the last trading day of that month. Velo3D says it fully intends to remain listed on the NYSE, and will consider the best available alternatives, including, but not limited to, a reverse stock split, subject to stockholder approval, if necessary to regain compliance.
The company’s common stock will continue to be listed on the NYSE during the six-month cure period, subject to compliance with other NYSE continued listing requirements.