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.

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.

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