Spire Global on the Latest York Stock Exchange, August 17, 2021.
source: NYSE
Two space corporations received delisting warnings on Friday, in keeping with securities filings, as each corporations’ stock prices fell below $1 a share.
Builder of small satellites and data specialist Spire Global received a notice from the Latest York Stock Exchange, while the spacecraft supply company Momentum received a notice from Nasdaq.
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Under the compliance rules of their respective exchanges, corporations have 180 days, or about six months, for stock prices to return above $1 per share.
Spire shares closed at 69 cents a share on Friday, after first falling below $1 a share on March 7.
Momentus shares closed at 63 cents a share, falling below $1 a share on February 7.
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Each corporations drew attention to the potential of a reverse split of shares with a purpose to regain compliance.
Spire debuted on public markets in August 2021, after the completion of the SPAC merger. The corporate hit $100 million in annual subscription revenue, it announced in its fourth-quarter results, and continues to trim its losses because it goals to show money flow positive in a couple of 12 months.
Momentus also debuted in August 2021, after the merger of its own SPAC. After a tumultuous change of leadership, the corporate struggled to grow its spacecraft platform business. It reported minimal revenue within the fourth quarter, but hopes to finish many missions this 12 months.
The warnings come as fellow space company Astra seeks an extension from Nasdaq to regain compliance after receiving a delisting warning last 12 months.