SES AI, a global leader in the development and manufacturing of high-performance Li-Metal batteries, announced that on September 26, 2024, it received a notice from the New York Stock Exchange (NYSE) indicating non-compliance with Section 802.01C of the NYSE Listed Company Manual. This was due to the average closing price of its Class A common stock falling below $1.00 per share over a span of 30 consecutive trading days, which is the minimum average closing price required to maintain its listing on the NYSE.
SES AI plans to respond to the NYSE within 10 business days to outline its intent to address the deficiency and regain compliance with the exchange’s continued listing requirements.
The company can regain compliance at any time within the six-month window following the NYSE notice if, by the last trading day of any calendar month during this period, its Class A common stock reaches a closing price of at least $1.00 and maintains an average closing price of at least $1.00 over the preceding 30 trading days.
According to NYSE rules, if SES AI plans to remedy the issue by taking an action that requires stockholder approval at its next annual meeting, the stock price will be considered compliant once it exceeds $1.00 and stays above that threshold for at least 30 consecutive trading days.
During this period, SES AI’s Class A common stock will remain listed and continue to trade on the NYSE, provided the company adheres to other listing standards.
SES AI may use its website as a distribution channel of material company information. Financial and other important information regarding SES AI is routinely posted on and accessible through the Company’s website at www.ses.ai. Accordingly, investors should monitor this channel, in addition to following SES AI’s press releases, Securities and Exchange Commission filings and public conference calls and webcasts.
