Spire Global Receives Continued Listing Standards Notice from the NYSE

Rhea-AI Summary

Spire Global, Inc. (NYSE: SPIR) announced that it is not in compliance with NYSE Rule 802.01C regarding the minimum average closing price of its Class A common stock over a 30-day trading period. However, this notification does not lead to immediate delisting. The Company plans to inform the NYSE of its intent to regain compliance within 10 business days and can restore compliance if its stock price closes at or above $1.00 at the end of any calendar month during the cure period. Spire is considering a reverse stock split, pending shareholder approval, as one option to achieve compliance.

Positive

• Plans to notify NYSE of intent to regain compliance
• Possibility of reverse stock split to improve stock price

Negative

• Non-compliance with NYSE Rule 802.01C may indicate stock price weakness
• Continued monitoring required for compliance with other NYSE listing requirements

VIENNA, Va.--(BUSINESS WIRE)-- Spire Global, Inc. (NYSE: SPIR) (“Spire” or “the Company”), a leading global provider of space-based data, analytics and space services, was notified today by the New York Stock Exchange (“NYSE”) that the Company is not in compliance with Rule 802.01C of the NYSE’s Listed Company Manual (“Rule 802.01C”) relating to the minimum average closing price of the Company’s Class A common stock required over a consecutive 30 trading-day period. The notice does not result in the immediate delisting of the Company’s common stock from the NYSE.

The Company intends to notify the NYSE within 10 business days of its intent to regain compliance with Rule 802.01C. The Company can regain compliance at any time within the cure period if, on the last trading day of any calendar month during the cure period, the common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. The Company intends to consider available alternatives, including, but not limited to, a reverse stock split, subject to stockholder approval at the Company’s next annual meeting of stockholders, to regain compliance.

During this time, the Company’s common stock will continue to be listed on the NYSE, subject to the Company’s compliance with other NYSE continued listing requirements.

About Spire Global, Inc.

Spire (NYSE: SPIR) is a leading global provider of space-based data, analytics and space services, offering access to unique datasets and powerful insights about Earth from the ultimate vantage point so that organizations can make decisions with confidence, accuracy, and speed. Spire uses one of the world’s largest multipurpose satellite constellations to source hard to acquire, valuable data and enriches it with predictive solutions. Spire then provides this data as a subscription to organizations around the world so they can improve business operations, decrease their environmental footprint, deploy resources for growth and competitive advantage, and mitigate risk. Spire gives commercial and government organizations the competitive advantage they seek to innovate and solve some of the world’s toughest problems with insights from space. Spire has eight offices across the U.S., Canada, UK, Luxembourg and Singapore. To learn more, visit www.spire.com.

Cautionary Note Regarding Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “shall,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict” or other similar expressions that predict or indicate future events or trends that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the Company’s ability to regain compliance with Rule 802.01C within the applicable cure periods. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of the Company’s management. These forward-looking statements are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual circumstances or events are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including those factors discussed under the heading “Risk Factors” in Part I, Item 1A. of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as well as other documents the company has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or the Company’s assumptions prove incorrect, actual results could differ materially from the results implied in these forward-looking statements. There may be additional risks that the Company currently does not know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this communication. The Company anticipates that subsequent events and developments will cause the Company’s assessment to change. Spire undertakes no obligation, and does not intend, to update the information contained in this press release, except as required by law. These forward-looking statements should not be relied upon as representing the Company’s assessment as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230324005388/en/

For Investors:

Benjamin Hackman

Head of Investor Relations

Benjamin.Hackman@spire.com

For Media:

Kristina Spychalski

Director of Communications

Kristina.Spychalski@spire.com

Source: Spire Global, Inc.

FAQ

What is the current status of Spire Global's stock compliance with NYSE?

Spire Global has been notified of non-compliance with NYSE Rule 802.01C regarding its stock price.

What actions is Spire Global taking to regain NYSE compliance?

The Company plans to notify the NYSE of its intent to regain compliance and may consider a reverse stock split.

What does Spire Global need to achieve for NYSE compliance?

Spire must have a closing share price of at least $1.00 and an average closing price of at least $1.00 over a 30-day period.

Will Spire Global's stock be delisted from the NYSE immediately?

No, the notice does not result in immediate delisting; the stock can remain listed while the Company works towards compliance.

What is the minimum stock price requirement for Spire Global to maintain NYSE listing?

The minimum closing price required is $1.00.