Energy Vault Holdings, Inc. Receives Notice of Non-Compliance With Continued Listing Standard from NYSE
Energy Vault Holdings (NYSE: NRGV) has received a notice of non-compliance from the New York Stock Exchange (NYSE) due to its stock price falling below $1.00 for 30 consecutive trading days. The company has six months to regain compliance and avoid potential delisting. Energy Vault plans to notify the NYSE of its intent to cure the deficiency by September 27, 2024.
The company is considering various options, including actions that may require stockholder approval at its next annual meeting. If such action is taken, the price condition will be deemed cured if the stock promptly exceeds $1.00 and remains above that level for at least 30 trading days. Energy Vault's stock will continue to trade on the NYSE during this period, subject to compliance with other listing standards.
Energy Vault Holdings (NYSE: NRGV) ha ricevuto una notifica di non conformità dalla Borsa di New York (NYSE) a causa del calo del suo prezzo azionario al di sotto di $1.00 per 30 giorni di contrattazioni consecutive. L'azienda ha sei mesi per ristabilire la conformità e evitare un potenziale delisting. Energy Vault prevede di informare la NYSE della sua intenzione di correggere la carenza entro il 27 settembre 2024.
L'azienda sta considerando diverse opzioni, comprese azioni che potrebbero richiedere l'approvazione degli azionisti durante il prossimo incontro annuale. Se tale azione viene intrapresa, la condizione di prezzo sarà considerata risolta se il prezzo azionario supera rapidamente $1.00 e rimane sopra quel livello per almeno 30 giorni di contrattazione. Le azioni di Energy Vault continueranno a essere scambiate sulla NYSE durante questo periodo, a condizione di rispettare altri standard di quotazione.
Energy Vault Holdings (NYSE: NRGV) ha recibido un aviso de incumplimiento de la Bolsa de Nueva York (NYSE) debido a que su precio de acción ha caído por debajo de $1.00 durante 30 días de negociación consecutivos. La empresa tiene seis meses para recuperar la conformidad y evitar un posible deslistado. Energy Vault planea notificar a la NYSE su intención de subsanar la deficiencia antes del 27 de septiembre de 2024.
La compañía está considerando varias opciones, incluyendo acciones que podrían requerir la aprobación de los accionistas en su próxima reunión anual. Si se toma tal acción, la condición de precio se considerará subsanada si la acción supera rápidamente los $1.00 y se mantiene por encima de ese nivel durante al menos 30 días de negociación. Las acciones de Energy Vault continuarán negociándose en la NYSE durante este período, sujeto al cumplimiento de otros estándares de cotización.
Energy Vault Holdings (NYSE: NRGV)는 주가가 30일 연속으로 $1.00 이하로 떨어졌기 때문에 뉴욕 증권 거래소(NYSE)로부터 비준수 통지를 받았습니다. 회사는 준수를 회복할 수 있는 6개월이 있습니다 및 잠재적인 상장 폐지를 피할 수 있습니다. Energy Vault는 2024년 9월 27일까지 NYSE에 결함을 시정하려는 의사를 통보할 계획입니다.
회사는 다음 연례 회의에서 주주 승인이 필요할 수 있는 조치를 포함하여 여러 옵션을 고려하고 있습니다. 그러한 조치가 취해질 경우, 주가는 신속하게 $1.00를 초과하고 최소 30일 동안 그 수준 이상에 남아있으면 가격 조건이 해결된 것으로 간주됩니다. Energy Vault의 주가는 이 기간 동안 NYSE에서 계속 거래될 것이며, 다른 상장 기준을 준수해야 합니다.
Energy Vault Holdings (NYSE: NRGV) a reçu un avis de non-conformité de la Bourse de New York (NYSE) en raison de la chute de son prix d'action sous $1,00 pendant 30 jours de négociation consécutifs. L'entreprise a six mois pour retrouver la conformité et éviter un potentiel désenregistrement. Energy Vault prévoit d'informer la NYSE de son intention de remédier à la déficience d'ici le 27 septembre 2024.
L'entreprise envisage diverses options, y compris des actions qui pourraient nécessiter l'approbation des actionnaires lors de sa prochaine assemblée annuelle. Si de telles actions sont entreprises, la condition de prix sera considérée comme résolue si le prix de l'action dépasse rapidement $1,00 et reste au-dessus de ce niveau pendant au moins 30 jours de négociation. Les actions d'Energy Vault continueront d'être négociées sur la NYSE pendant cette période, sous réserve du respect d'autres normes de cotation.
Energy Vault Holdings (NYSE: NRGV) hat eine Mitteilung über die Nichterfüllung von der New Yorker Börse (NYSE) erhalten, da der Aktienkurs 30 aufeinanderfolgende Handelstage unter $1,00 gefallen ist. Das Unternehmen hat sechs Monate Zeit, um die Konformität wiederherzustellen und eine potenzielle Delistung zu vermeiden. Energy Vault plant, die NYSE bis zum 27. September 2024 über seine Absicht zu informieren, den Mangel zu beheben.
Das Unternehmen erwägt verschiedene Optionen, einschließlich Maßnahmen, die die Zustimmung der Aktionäre auf der nächsten Hauptversammlung erfordern könnten. Wenn eine solche Maßnahme ergriffen wird, wird die Preisbedingung als behoben angesehen, wenn die Aktie schnell $1,00 übersteigt und mindestens 30 Handelstage über diesem Niveau bleibt. Die Aktien von Energy Vault werden während dieses Zeitraums weiterhin an der NYSE gehandelt, vorausgesetzt, sie erfüllen andere Zulassungsstandards.
- Company has a six-month grace period to regain compliance
- Stock continues to trade on NYSE during the cure period
- Stock price has fallen below $1.00 for 30 consecutive trading days
- Risk of potential delisting from NYSE if compliance is not regained
- May require stockholder approval for remedial actions
Insights
Energy Vault's non-compliance notice from NYSE is a significant red flag for investors. The sub-$1 share price over 30 trading days indicates severe market skepticism about the company's prospects. While delisting isn't imminent, the six-month cure period puts pressure on management to take decisive action. Options like a reverse stock split might be considered, but this doesn't address underlying business challenges. The situation reflects broader concerns in the energy storage sector, where companies struggle to achieve profitability despite growing demand. Investors should closely monitor Energy Vault's cash position and burn rate, as capital-raising efforts could be hindered by the low stock price. This development may also impact the company's ability to secure new contracts or partnerships, potentially creating a negative feedback loop.
This NYSE notice highlights Energy Vault's precarious market position. The extended period of low share price suggests a fundamental lack of investor confidence, possibly stemming from concerns about the company's technology adoption rate or financial performance. The energy storage market is highly competitive, with both established players and startups vying for market share. Energy Vault's gravity-based storage solution, while innovative, may be facing challenges in proving its cost-effectiveness and scalability compared to battery technologies. The company's ability to regain compliance will likely depend on its success in securing major contracts or demonstrating significant technological advancements. Investors should watch for upcoming quarterly results and any strategic announcements that could potentially shift market perception and drive the stock price above the critical
The NYSE non-compliance notice triggers several legal and governance considerations for Energy Vault. The company must now navigate a delicate balance between addressing the listing requirements and maintaining transparency with shareholders. The mention of considering "available alternatives" subject to stockholder approval suggests potential corporate actions that could have significant implications. These might include a reverse stock split, which would require careful disclosure of risks and benefits. Management must also be cautious about any public statements regarding future performance to avoid potential securities law violations. The situation heightens the risk of shareholder litigation, particularly if the stock price doesn't recover. Energy Vault's board should prioritize forming a special committee to oversee compliance efforts and ensure all decisions are made in the best interest of shareholders.
Under NYSE rules, Energy Vault has a period of six months from receipt of the notice to regain compliance with the NYSE minimum stock price listing requirement. Energy Vault plans to notify the NYSE by September 27, 2024 of its intent to cure the stock price deficiency and return to compliance with the NYSE continued listing standards.
Energy Vault intends to consider available alternatives, subject to stockholder approval, no later than at Energy Vault’s next annual meeting of stockholders, if necessary, to cure the stock price non-compliance. Under the NYSE’s rules, if Energy Vault determines that it will cure the stock price deficiency by taking an action that will require stockholder approval at its next annual meeting of stockholders, the price condition will be deemed cured if the price promptly exceeds
Energy Vault’s common stock will continue to be listed and trade on the NYSE during this cure period, subject to Energy Vault’s compliance with other NYSE continued listing standards.
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 EVx™ 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 the Company’s plans to regain compliance with the NYSE’s continued listing standards. 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, backlog and developed pipeline 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 13, 2024 and in our Quarterly Report on Form 10-Q for the three months ended June 30, 2024 filed with the SEC on August 6, 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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Investors:
energyvaultIR@icrinc.com
Media:
media@energyvault.com
Source: Energy Vault Holdings, Inc.
FAQ
Why did Energy Vault (NRGV) receive a non-compliance notice from NYSE?
How long does Energy Vault (NRGV) have to regain compliance with NYSE listing standards?
What actions can Energy Vault (NRGV) take to cure the stock price deficiency?
Will Energy Vault (NRGV) stock continue to trade on NYSE during the cure period?
