F45 Training Holdings, Inc. received a notice from the New York Stock Exchange indicating that the company is not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of the company’s Common Stock was less than $1.00 over a consecutive 30 trading-day period. The notice does not immediately affect the listing of the company’s stock on the NYSE.
F45 reported it intends to respond to the NYSE within ten business days of receipt of the notice affirming its intent to cure the deficiency. Pursuant to the NYSE’s rules, F45 has six months following receipt of the notice to regain compliance with the NYSE’s minimum share price requirement.
The company intends to consider several alternatives to cure the non-compliance with the applicable price criteria in the NYSE’s continued listing standards. F45 can regain compliance with the minimum share price requirement at any time during the six-month cure period if, on the last trading day of any calendar month during the cure period or on the last day of the cure period, the company has (i) a closing share price of at least $1.00, and (ii) an average closing share price of at least $1.00 over the 30 trading-day periods ending on the last trading day of that month.
F45’s Common Stock will continue to be listed and traded on the NYSE during this period, subject to its compliance with other NYSE continued listing standards. Receiving the Notice does not affect F45’s business, operations or reporting requirements with the Securities and Exchange Commission.
