Energy Vault Announces Compliance with NYSE Continued Listing Criteria

Rhea-AI Summary

Energy Vault Holdings (NYSE: NRGV) has successfully regained compliance with NYSE's minimum continued listing requirements. The company met the criteria specified in Section 802.01C of the NYSE Listed Company Manual by maintaining an average share price above $1.00 for 30 consecutive trading days as of October 31, 2024.

Positive

• Regained NYSE listing compliance, eliminating immediate delisting risk
• Stock price recovery above $1.00 threshold

Negative

• Recent history of trading below NYSE minimum price requirements indicates previous market weakness

Insights

Financial Analyst

This compliance notice marks a significant milestone for Energy Vault, demonstrating its recovery from a challenging period where its stock price had fallen below NYSE's minimum requirements. The company's ability to maintain an average share price above $1.00 for 30 consecutive trading days indicates improved market confidence and removes the immediate risk of delisting. However, investors should note that while regaining compliance is positive, the company still needs to demonstrate fundamental business strength and execution capability to maintain this momentum. The energy storage sector remains highly competitive and maintaining NYSE listing compliance is just one aspect of the company's overall market position.

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)-- Energy Vault Holdings Inc. (NYSE: NRGV) (“Energy Vault” or the “Company”), a leader in sustainable, grid-scale energy storage solutions, today announced that it received written notice from the New York Stock Exchange (the “NYSE”) stating that the Company regained compliance with the minimum continued listing criteria set forth in Section 802.01C of the NYSE Listed Company Manual, based upon an average share price for the trailing 30-consecutive trading days above $1.00 on October 31, 2024.

About Energy Vault
Energy Vault^® develops and deploys utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The Company's comprehensive offerings include proprietary gravity-based storage, battery storage, and green hydrogen energy storage technologies. Each storage solution is supported by the Company’s hardware technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short-and-long-duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse, Energy Vault’s G-Vault™ gravity-based energy storage technology is facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers. Please visit www.energyvault.com for more information.

Forward-Looking Statements
This press release includes forward-looking statements that reflect the Company’s current views with respect to, among other things, the Company’s operations and financial performance. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “targets,” “projections,” “should,” “could,” “would,” “may,” “might,” “will” and other similar expressions. We base these forward-looking statements or projections on our current expectations, plans, and assumptions, which we have made in light of our experience in our industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at the time. These forward-looking statements are based on our beliefs, assumptions, and expectations of future performance, taking into account the information currently available to us. These forward-looking statements are only predictions based upon our current expectations and projections about future events. These forward-looking statements involve significant risks and uncertainties that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, projected costs, prospects and plans; the uncertainly of our awards, bookings and backlogs equating to future revenue; the lack of assurance that non-binding letters of intent and other indication of interest can result in binding orders or sales; the possibility of our products to be or alleged to be defective or experience other failures; the implementation, market acceptance and success of our business model and growth strategy; our ability to develop and maintain our brand and reputation; developments and projections relating to our business, our competitors, and industry; the ability of our suppliers to deliver necessary components or raw materials for construction of our energy storage systems in a timely manner; the impact of health epidemics, on our business and the actions we may take in response thereto; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; expectations regarding the time during which we will be an emerging growth company under the JOBS Act; our future capital requirements and sources and uses of cash; the international nature of our operations and the impact of war or other hostilities on our business and global markets; our ability to obtain funding for our operations and future growth; our business, expansion plans and opportunities and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 12, 2024, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov. New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws. You should not place undue reliance on our forward-looking statements.

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Energy Vault

Media

media@energyvault.com

Investors

energyvaultIR@icrinc.com

Source: Energy Vault Holdings, Inc.

FAQ

Why did Energy Vault (NRGV) receive a notice from NYSE?

Energy Vault received notice from NYSE confirming it regained compliance with minimum listing requirements by maintaining an average share price above $1.00 for 30 consecutive trading days.

What are the NYSE minimum price requirements that NRGV had to meet?

NYSE requires listed companies to maintain an average share price of at least $1.00 over a consecutive 30-trading-day period to remain listed, as per Section 802.01C of the NYSE Listed Company Manual.

When did Energy Vault (NRGV) regain NYSE compliance?

Energy Vault regained NYSE compliance on October 31, 2024, after maintaining the required average share price above $1.00 for 30 consecutive trading days.