{"id":90741,"date":"2024-08-22T07:44:25","date_gmt":"2024-08-22T11:44:25","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=90741"},"modified":"2024-08-22T07:44:30","modified_gmt":"2024-08-22T11:44:30","slug":"nyse-issues-noncompliance-letter-to-sos","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/nyse-issues-noncompliance-letter-to-sos\/","title":{"rendered":"NYSE Issues Noncompliance Letter to Crypto Provider SOS"},"content":{"rendered":"\n

Due to its underperforming stock prices, the New York Stock Exchange (NYSE) has issued a noncompliance letter to SOS Limited, a blockchain-based service solutions<\/a> provider. <\/p>\n\n\n\n

\"NYSE
NYSE Issues Noncompliance Letter to Crypto Provider SOS<\/figcaption><\/figure>\n\n\n\n

The trading price of its American depositary shares (ADSs) has fallen below $1 for a consecutive 30-trading-day period.<\/p>\n\n\n\n

To avoid suspension and delisting from the NYSE, SOS must restore its share price and average share price to $1 within six months.<\/p>\n\n\n\n

No imminent effect on shareholders<\/h2>\n\n\n\n

In an official statement, SOS explained the compliance process:<\/p>\n\n\n\n

\n

\u201cThe company can regain compliance at any time during the six-month cure period 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 and an average closing share price of at least $1 over the 30 trading-day period ending on the last trading day of that month.\u201d<\/p>\n<\/blockquote>\n\n\n\n

The noncompliance notice has a limited effect on listing the company's ADSs. They will remain listed and traded on the NYSE during the six-month cure period, provided that the other listing requirements of the NYSE are met.<\/p>\n\n\n\n

Decrease in stock value <\/h2>\n\n\n\n

Suppose the end of the six-month cure period does not result in a $1 closing share price on the last trading day of the cure period and a $1 average closing share price over the 30 days ending on the previous trading day of the cure period. In that case, the NYSE will initiate suspension and delisting procedures.<\/p>\n\n\n\n

\"SOS
SOS Limited stock six-month price chart. Source: Google Finance<\/em><\/figcaption><\/figure>\n\n\n\n

In pre-market trading on Nasdaq, the company's share price decreased by 4.13% to $0.7. As illustrated in the chart above, SOS stock prices reached $1 on May 22 and have been trading below the $1 threshold ever since.<\/p>\n\n\n\n

In March, the NYSE had threatened to delist Bakkt, a crypto custody and trading platform\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, if its average closing share price did not rise above $1. <\/p>\n\n\n\n

Bakkt stated that the NYSE informed it that its share price had averaged less than $1 at the end of the previous 30-day trading period, violating the stock exchange's listing regulations.<\/p>\n","protected":false},"excerpt":{"rendered":"

Due to its underperforming stock prices, the New York Stock Exchange (NYSE) has issued a noncompliance letter to SOS Limited, a blockchain-based service solutions provider. The trading price of its American depositary shares (ADSs) has fallen below $1 for a consecutive 30-trading-day period. To avoid suspension and delisting from the NYSE, SOS must restore its […]<\/p>\n","protected":false},"author":12,"featured_media":90746,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[21469,2000,21468],"class_list":["post-90741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-noncompliance","tag-nyse","tag-sos"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/08\/sos.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/90741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=90741"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/90741\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/90746"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=90741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=90741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=90741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}