Spire Global on the New York Stock Exchange on August 17, 2021.
Source: New York Stock Exchange
The two space companies received delisting warnings on Friday, according to securities reports. The stock prices of both venture companies fell below one dollar per share.
Small Satellite Builder and Data Specialist spire global Received notice from New York Stock Exchange, Spaceship Delivery Company Momentus I got a notification from Nasdaq.
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Under their respective exchanges’ compliance rules, both companies have 180 days, or about six months, to restore their stock prices above $1 a share.
Spire shares closed at 69 cents a share on Friday after dipping below $1 for the first time on March 7.
Momentus shares fell below $1 on February 7, closing at 63 cents per share.
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Both companies have pointed out the possibility of conducting a reverse stock split to restore compliance.
Spire will debut on the public market in August 2021 after completing the SPAC merger. The company continues to cut losses as it targets $100 million in annual subscription revenue, which it announced in its fourth-quarter results, and positive free cash flow in about a year.
Momentus will also debut in August 2021 following its own SPAC merger. After a tumultuous management change, the company has struggled to launch its spacecraft platform business. Earnings were minimal in the fourth quarter, but we hope to fly multiple missions this year.
The warning comes as fellow space firm Astra seeks an extension from the Nasdaq to restore compliance after receiving delisting threats last year.