Heliogen has received written notice from the New York Stock Exchange that the average closing price of its common stock over the prior consecutive 30 trading-day period was below $1.00 per share, which is the minimum average share price for continued listing on the NYSE, according to a news release.
“Heliogen intends to respond to the NYSE within ten business days of receipt of the notice of its intent to cure the deficiency,” the release states. “Pursuant to the NYSE’s rules, Heliogen has a six-month period following receipt of the deficiency letter to bring its share price and average share price back above $1.00.”
During the cure period, Heliogen’s shares of common stock will continue to trade on the NYSE.
“The NYSE notification does not affect Heliogen’s ongoing business operations or its Securities and Exchange Commission reporting requirements,” the release states. “Heliogen is considering all available options to regain compliance with the NYSE’s continued listing standards, including the consummation of a potential reverse stock split.”
Heliogen recently signed an MOU with the City of Lancaster, California to develop and provide equity for a green hydrogen generation facility there. The company also intends to develop a green hydrogen facility on leased land in the Brenda Solar Energy Zone (SEZ) in Arizona.
