The New York Stock Exchange (NYSE) has issued a non-compliance notice to eVTOL developer Vertical Aerospace. The notice warns Vertical Aerospace that the company is not currently in compliance with NYSE continued listing standards, which require that the average closing price for ordinary shares remain above US$1.00 over the preceding 30 consecutive trading days.
With the notice issued, the company has a six-month ‘cure’ period to return to good standing or risk delisting from the exchange. According to the NYSE rules, the company can regain good standing provided that it can, at any time during a six-month cure period, if, on the last trading day of any calendar month during the cure period, the ordinary shares have a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month.
In response to the notice, Vertical has told the NYSE that it intends to return to good standing and is considering all available options to do so that are in the best interests of the company and its shareholders. While the non-compliance notice has no immediate impact on the company’s ongoing business operations, and its shares will continue to be listed and traded on the exchange during the cure period, Vertical Aerospace said it would press on with its plans for raising capital and with its flight test programme.
It’s the second piece of bad news the company has received in the last week following the announcement a few days ago that its power plant supplier, Rolls Royce, intends to divest its electric engine business.
