Summary by Moomoo AI
Velo3D, Inc., a prominent metal additive manufacturing technology company, announced on January 3, 2024, that it received a notice from the New York Stock Exchange (NYSE) on December 28, 2023, indicating non-compliance with the exchange's minimum average closing price requirement. The company's common stock had fallen below the $1.00 threshold over a consecutive 30 trading-day period, violating Rule 802.01C of the NYSE Listed Company Manual. Despite this, the notice does not immediately affect the listing of Velo3D's common stock, which will continue to be traded on the NYSE during a six-month cure period, provided the company meets other continued listing requirements. Velo3D has expressed its intention to regain compliance within this period and is considering options, including a potential reverse stock split, subject to shareholder approval if necessary. The company remains operational and continues to fulfill its reporting obligations with the SEC.