Quanergy to Appeal Delisting Determination by NYSE

Rhea-AI Summary

Quanergy Systems intends to appeal a delisting decision by NYSE Regulation, announced on November 8, 2022, after failing to maintain a $15 million market capitalization. The trading of their common stock (QNGY) and warrants (QNGYW) was suspended following this decision. Quanergy aims to present its case to the NYSE Board Committee, emphasizing its mission to provide affordable smart LiDAR solutions across diverse sectors. The company has a global customer base of about 400 clients, showcasing its market relevance.

Positive

• Aiming to appeal delisting decision could potentially restore listing status.
• Serves approximately 400 customers globally, indicating a strong market position.

Negative

• Failed to meet NYSE's market capitalization requirement of $15 million.
• Delisting proceedings initiated could negatively impact investor confidence and stock liquidity.

SUNNYVALE, Calif.--(BUSINESS WIRE)-- Quanergy Systems, Inc. (“Quanergy” or the “Company”), a leading provider of LiDAR sensors and smart 3D solutions, today announced that it intends to appeal the decision by the staff of NYSE Regulation on November 8, 2022 to commence proceedings to delist the Company’s common stock (NYSE:QNGY) and the Company’s warrants to purchase common stock (NYSE:QNGY WS).  NYSE Regulation reached its decision to delist these securities pursuant to Section 802.01B of the NYSE’s Listed Company Manual because the Company had fallen below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15,000,000.

Trading in these securities was suspended on the NYSE after the market close on November 8, 2022. As of November 9, 2022, the common stock and warrants have been traded in the over-the-counter (“OTC”) market under the ticker symbols QNGY and QNGYW, respectively.

The Company plans to appeal the decision by the staff of NYSE Regulation to a Committee of the Board of Directors of the NYSE (the “Committee”), in accordance with Section 804.00 of the NYSE’s Listed Company Manual.

About Quanergy Systems, Inc.

Quanergy’s mission is to create powerful, affordable smart LiDAR solutions for IoT and automotive applications to enhance people’s experiences and safety. Through Quanergy’s smart LiDAR solutions, businesses can now leverage real-time, advanced 3D insights to transform their operations in a variety of industries including industrial automation, physical security, smart cities, smart spaces and much more. Quanergy solutions are deployed by nearly 400 customers across the globe. For more information, please visit us at www.quanergy.com.

Forward-Looking Statements

This press release includes “forward-looking statements” for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may,” “will,” “anticipate,” “intend,” “expect” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this press release, are forward-looking statements, including statements related to Quanergy’s intention and plan to appeal the decision by NYSE Regulation to commence delisting proceedings and any implication as to the possibility or likelihood that such appeal will ultimately result in Quanergy’s securities being traded, and remaining listed, on the NYSE. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from results expected or implied by such forward-looking statements. Most of these factors are outside Quanergy’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the grounds, evidence or arguments for the planned appeal may not be compelling; the Committee may not permit Quanergy to argue certain grounds for reversing a decision by the staff of NYSE Regulation, including any that may not be identified in the appeal application even if new evidence or arguments arise that would otherwise be considered relevant; if the Company’s global market capitalization does not equal or exceed $15,000,000 at the time of the appeal hearing, it is unlikely that the Committee will overturn the decision by NYSE Regulation to commence delisting proceedings, and even if such global market capitalization is achieved, the Committee may not overturn the decision; and other risks and uncertainties indicated in Quanergy’s filings with the U.S. Securities and Exchange Commission, including under the “Risk Factors” heading of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, as filed with the SEC on August 12, 2022. In addition, forward-looking statements reflect Quanergy’s expectations, plans or forecasts of future events and views only as of the date of this press release. Quanergy undertakes no obligation to update these forward-looking statements in the future, except as required by law.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20221110006197/en/

Media:

media@quanergy.com

Investors:

QuanergyIR@icrinc.com

Source: Quanergy Systems, Inc.

FAQ

What is Quanergy Systems' current stock status?

Quanergy Systems' common stock (QNGY) trading was suspended on November 8, 2022, following a delisting decision by NYSE Regulation.

What action is Quanergy taking regarding the delisting?

Quanergy plans to appeal the NYSE Regulation's decision to delist its stock and warrants.

What is the reason for Quanergy's delisting from NYSE?

The delisting is due to failing to maintain an average global market capitalization of at least $15 million over a 30-day trading period.

When did Quanergy's stock trading get suspended?

Trading of Quanergy's stock was suspended after the market close on November 8, 2022.

What are the new trading symbols for Quanergy's stock and warrants?

Post-suspension, Quanergy's common stock is traded under the ticker symbol QNGY in the OTC market, and the warrants under QNGYW.