Indoor agriculture company Local Bounti says the New York Stock Exchange has accepted its previously submitted plan to regain compliance with the NYSE’s continued listing standards.
Local Bounti says the NYSE granted the company an 18-month grace period from its receipt of an April 3, 2024, notice of noncompliance with continued listing standards.
NYSE said Local Bounti was not in compliance with its continued listing standards in Section 802.01B of the NYSE Listed Company Manual because the company’s average global market capitalization over a consecutive 30-training-day period was less that $50 million and its stockholders’ equity was less than $50 million.
As part of this noncompliance, Local Bounti says it will be subjected to quarterly reviews assessing the goals and initiatives of its compliance plans by NYSE during the plan period.
Local Bounti says it will continue to be listed on the NYSE during this plan period. If it does not regain compliance within the listing standards by the end of the plan period or if it does not make sufficient progress, the NYSE may initiate delisting proceedings.
