Castlight Health Regains Compliance with NYSE Continued Listing Standards

Rhea-AI Summary

Castlight Health (NYSE: CSLT) announced on September 1, 2020, that it has regained compliance with the NYSE's listing standards after exceeding the minimum average closing share price of $1.00 over 30 days. This compliance follows a notification received on March 30, indicating non-compliance due to low share price. CEO Maeve O'Meara highlighted the company’s commitment to healthcare navigation solutions, especially during the COVID-19 pandemic, referencing innovations like a COVID-19 testing site directory and a back-to-work support solution called Working Well.

Positive

• Regained compliance with NYSE listing standards after share price exceeded $1.00.
• Introduction of a COVID-19 testing site directory utilized by Google and health departments.
• Launch of Working Well, aiding organizations in returning to work safely.

Negative

• None.

SAN FRANCISCO, Sept. 3, 2020 /PRNewswire/ -- Castlight Health, Inc. (NYSE: CSLT) today announced that on September 1^st, 2020, Castlight was notified by the New York Stock Exchange ("NYSE") that it has regained compliance with the NYSE's continued listing standards.

On March 30, 2020, Castlight received notification from the NYSE that the Company was no longer in compliance with the continued listing criteria that requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period.

Castlight regained compliance after its average closing price for the 30 trading days ended August 31^st, 2020 and its closing price on August 31^st, 2020 both exceeded $1.00 per share.

Maeve O'Meara, chief executive officer of Castlight, stated, "We are pleased to have regained compliance with the NYSE's continued listing standards. Castlight hasn't wavered from its mission of making it as easy as possible to navigate healthcare, which is especially essential during the COVID-19 pandemic. During the past six months, we continued to innovate and deliver timely solutions such as the first national COVID-19 testing site directory, which powers Google Search and Google Maps as well as multiple state and local health departments. In addition, Castlight launched Working Well, a comprehensive solution supporting employers, colleges, universities, and school systems in bringing people back-to-work safely amidst the rapidly shifting landscape of the pandemic and is supporting multiple organizations live on Working Well today."

About Castlight Health
Castlight is on a mission to make it as easy as humanly possible for its users to navigate the healthcare system and live happier, healthier, more productive lives. Our health navigation platform connects hundreds of health vendors, benefits resources, and plan designs into one comprehensive health and wellbeing experience. We guide individuals—based on their unique profile—to the best resources available to them, whether they are healthy, chronically ill, or actively seeking medical care. Castlight transforms the employee benefit experience into a deeply personalized, yet simple, guided one, empowering better-informed patient decisions to unlock better healthcare outcomes and maximizing return on healthcare investments.

For more information visit www.castlighthealth.com. Follow us on Twitter and LinkedIn and Like us on Facebook.

Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements about Castlight Health's plans and expectations, including, but not limited to, statements regarding the Company's strategy and business operations and the Company's continued listing on the NYSE. Statements including words such as "anticipate," "believe," "estimate," "will," "continue," "expect," or "future," and statements in the future tense are forward-looking statements. These forward-looking statements involve risks and uncertainties, as well as assumptions, which, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties include those described in Castlight Health's Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the three months ended June 30, 2020, and other documents filed with or furnished to the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to Castlight Health as of the date hereof. Castlight Health assumes no obligation to update these forward-looking statements.

Castlight Investor Relations: IR@castlighthealth.com, 443-213-0500

View original content to download multimedia:http://www.prnewswire.com/news-releases/castlight-health-regains-compliance-with-nyse-continued-listing-standards-301123578.html

SOURCE Castlight Health, Inc.

FAQ

What did Castlight Health announce on September 1, 2020?

Castlight Health announced that it has regained compliance with the NYSE's continued listing standards.

What triggered Castlight Health's non-compliance with NYSE standards?

Castlight Health was notified of non-compliance on March 30, 2020, due to an average closing share price below $1.00.

How did Castlight Health regain compliance with the NYSE?

The company regained compliance after its average closing price exceeded $1.00 over the 30 days ending August 31, 2020.

What is the COVID-19 testing site directory by Castlight Health?

It is a service launched by Castlight that helps users locate COVID-19 testing sites, integrated with Google Search and Maps.