The Beachbody Company, Inc. said it received a deficiency letter from the New York Stock Exchange notifying the company that it is not in compliance with applicable price criteria in the NYSE’s continued listing standards.
The non-compliance resulted because as of November 22, 2022, the average closing price of the company’s Class A Common Stock was less than $1.00 per share over a consecutive 30 trading-day period. The notice has no immediate impact on the listing of the common stock on the NYSE.
The company said it intends to respond to the NYSE within ten business days of receipt of the notice of its intent to cure the deficiency. Pursuant to the NYSE’s rules, the company had a six-month period following receipt of the deficiency letter to bring its share price and average share price back above $1.00.
The company also said it intends to consider available alternatives including, but not limited to, a reverse stock split that is subject to shareholder approval, no later than its next annual meeting of stockholders, if necessary to cure the stock price non-compliance.
Headquartered in Southern California, Beachbody is the parent company of the Beachbody On Demand streaming platform, including its live digital streaming subscription BODi and the Beachbody Bike powered by MYXfitness.