Spire and Momentus receive delisting warnings
Spire Global on the New York Stock Exchange, August 17, 2021
Source: New York Stock Exchange.
A pair of space companies received delisting warnings on Friday, according to securities filings, as both ventures’ share prices were below $1 a share.
Small satellite manufacturer and data scientist Spire Global received a notice from the New York Stock Exchange, and the spacecraft delivery company Pulse received notification from Nasdaq.
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Under the compliance rules of the respective exchanges, companies have 180 days, or about six months, to bring their stock prices back above $1 per share.
Shares of Spire closed at 69 cents a share on Friday, falling below $1 a share for the first time on March 7.
Shares of Momentus closed at 63 cents a share, dropping below $1 a share on February 7th.
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Both companies noted the possibility of a reverse stock split to restore compliance.
Spire debuted on the public markets in August 2021 following the completion of the SPAC merger. The company achieved $100 million in annual subscription revenue it announced in the fourth quarter and continues to cut its losses as it aims to achieve positive free cash flow in about a year.
Momentus also debuted in August 2021 after their own SPAC merger. After a tumultuous change in management, the company struggled to grow its spacecraft platform business. The company posted minimal revenue in the fourth quarter, but it hopes to complete a few missions this year.
The warnings come as space company Astra is seeking a delay from Nasdaq to restore compliance after it received a delisting warning last year.