ChargePoint, a provider of networked solutions for charging electric vehicles, has received a notice of non-compliance from the NYSE on February 19, 2025, as its average closing stock price fell below $1.00 over a consecutive 30-day trading period.
The notice represents a notice of deficiency, not delisting, and does not currently affect the listing or trading of the Company’s Common Stock on the NYSE.
The company plans to notify the NYSE by March 5, 2025 that it intends to cure the average closing stock price deficiency and to return to compliance with the NYSE’s continued listing standards.
The company can regain compliance at any time within the six-month period following receipt of the NYSE’s notice if on the last trading day of any calendar month during the cure period, the company 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.
ChargePoint intends to consider available alternatives, including but not limited to, a reverse stock split, subject to stockholder approval no later than at the company’s next annual meeting of stockholders, if necessary, to cure the stock price non-compliance.
Under the NYSE’s rules, if the company determines that it will cure the stock price deficiency by taking an action that will require stockholder approval at its next annual meeting of stockholders, the price condition will be deemed cured if the price promptly exceeds $1.00 per share, and the price remains above that level for at least the following 30 trading days.
The company’s common stock will continue to be listed and trade on the NYSE during this period, subject to the company’s ongoing compliance with the NYSE’s other continued listing standards. Furthermore, the notice is not anticipated to impact the ongoing business operations of the company or its reporting requirements with the U.S. Securities and Exchange Commission.
ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions. The ChargePoint cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types.
