5-Dec-2023 Source: Vertical Aerospace
Vertical Aerospace (Vertical) [NYSE: EVTL], a global aerospace and technology company that is pioneering zero emissions aviation, announced that it received a notice from the New York Stock Exchange (the “NYSE”) on November 28, 2023, indicating that the company is not currently in compliance with the NYSE continued listing standard requiring a minimum average closing price for its ordinary shares of $1.00 over the preceding 30 consecutive trading days.
Vertical has notified the NYSE that it intends to regain compliance with the NYSE’s continued listing standards and is considering all available options to do so that are in the best interests of Vertical and its shareholders. Vertical can regain compliance with the NYSE’s continued listing requirements at any time during a six-month cure period if, on the last trading day of any calendar month during the cure period, the ordinary shares have 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 NYSE notice has no immediate effect on the continued listing of Vertical’s ordinary shares on the NYSE and is not anticipated to have any impact on Vertical’s ongoing business operations. Under the NYSE’s rules, Vertical’s ordinary shares will continue to be listed and will trade on the NYSE, subject to compliance with other continued listing requirements.
The NYSE notification described above does not conflict with Vertical’s capital raise plans nor flight test plans for its second full-scale VX4 prototype in the coming months.