KULR Technology Receives Acceptance of Compliance Plan by NYSE American
- None.
- The Company reported a stockholders’ equity of $1.2 million as of September 30, 2023, falling short of the required $6 million under NYSE American's listing standards. The Company has also reported losses from continuing operations and/or net losses in its five most recent fiscal years, raising concerns about financial stability.
Insights
The acceptance of KULR Technology Group's compliance plan by NYSE American is a critical juncture for the company, indicating a path forward amidst financial challenges. The prolonged plan period until June 2025 offers KULR a substantial timeframe to address the stockholders' equity shortfall and operational losses. It is essential to monitor the company's quarterly reports during this period, as these will serve as indicators of the company's financial health and its ability to execute the recovery plan effectively.
Investors should note that the company's current stockholders' equity of $1.2 million falls significantly short of the NYSE American's $6 million requirement. This gap suggests the need for strategic financial management, potentially including raising capital through debt or equity financing, restructuring, or operational cost-cutting. The company's history of operational losses further underscores the urgency for a turnaround strategy. The market's response to this news will likely be cautious optimism, contingent on KULR's forthcoming financial performance.
KULR Technology Group operates within the sustainable energy management sector, a market characterized by rapid innovation and growing demand. The company's ability to regain compliance is not only a financial concern but also a reflection of its competitiveness in this dynamic industry. The acceptance of the compliance plan offers KULR an opportunity to reinforce investor confidence by demonstrating progress in product development, market penetration and revenue growth.
Given the industry's focus on sustainability and technology advancements, KULR's future announcements regarding new partnerships, patents, or breakthroughs in energy management solutions could influence market perception and stock performance. Stakeholders should watch for such developments, as they may provide insights into the company's potential to overcome its current financial obstacles and capitalize on industry trends.
The regulatory aspect of KULR Technology Group's situation sheds light on the stringent compliance requirements of NYSE American. The company's adherence to the detailed compliance plan and the NYSE American's oversight through quarterly reviews underscore the regulatory environment's role in ensuring the integrity of public markets. Investors and stakeholders should be aware of the legal implications of non-compliance, including the risk of delisting, which would significantly impact the company's ability to raise capital and its overall market visibility.
Furthermore, KULR's compliance with the SEC's reporting requirements remains unaffected, ensuring continued transparency for investors. The company's legal team will need to navigate the compliance landscape meticulously, balancing the demands of regulatory bodies with the strategic initiatives required to stabilize and grow the business.
SAN DIEGO, March 08, 2024 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the “Company” or “KULR”), a global leader in sustainable energy management, received notification (the “Acceptance Letter”) from NYSE American LLC (“NYSE American”) that the Company’s previously-submitted plan (the “Plan”) to regain compliance with NYSE American’s listing standards was accepted. In the Acceptance Letter, the NYSE American granted the Company a plan period through June 20, 2025 to regain compliance with the continued listing standards.
As previously reported, on December 20, 2023, the Company received a letter from the NYSE American stating that the Company’s stockholders’ equity as reported in its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 was not in compliance with the NYSE American’s continued listing standards under Sections 1003(a)(i), (ii) and (iii) of the NYSE American Company Guide (the “Company Guide”). Section 1003(a)(iii) of the Company Guide requires a listed company to have stockholders’ equity of
During the plan period, the Company will be subject to quarterly review to determine if it is making progress consistent with the Plan. If the Company does not regain compliance with the NYSE American listing standards by June 20, 2025, or if the Company does not make sufficient progress consistent with the Plan, then the NYSE American may initiate delisting proceedings.
The Company’s stock will continue to be listed on the NYSE American during the plan period. The Company’s receipt of such notification from the NYSE American does not affect the Company’s business, operations or reporting requirements with the U.S. Securities and Exchange Commission.
About KULR Technology Group Inc.
KULR Technology Group Inc. (NYSE American: KULR) is a leading energy management platform company offering proven solutions that play a critical role in accelerating the electrification of the circular economy. Leveraging a foundation in developing, manufacturing, and licensing next-generation carbon fiber thermal management technologies for batteries and electronic systems, KULR has evolved its holistic suite of products and services to enable its customers across disciplines to operate with efficiency and sustainability in mind. For more information, please visit www.kulrtechnology.com.
Safe Harbor Statement
This press release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the Securities and Exchange Commission on March 28, 2023, as may be amended or supplemented by other reports we file with the Securities and Exchange Commission from time to time. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. All forecasts are provided by management in this release are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, the forecasts are entirely on management’s best estimate of our future financial performance given our current contracts, current backlog of opportunities and conversations with new and existing customers about our products and services. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Investor Relations:
KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: ir@kulrtechnology.com
FAQ
What notification did KULR Technology Group, Inc. receive from NYSE American?
What is the plan period granted to KULR Technology Group, Inc. by NYSE American?
What was the stockholders' equity reported by KULR Technology Group, Inc. as of September 30, 2023?
What may happen if KULR Technology Group, Inc. fails to regain compliance with NYSE American listing standards by June 20, 2025?
How will KULR Technology Group, Inc.'s stock be affected during the plan period?
