Bird gets a warning from the NYSE because its stock price is too low – TechCrunch

Scooter and micromobility company Bird has to fly at a slightly higher altitude at least if it wants to keep its New York Stock Exchange (NYSE) listing. The company issued a press release on Friday noting that it had received word from the NYSE that its share price was “not in compliance” with the exchanges requirement that Class A Common Stock for a listed company be at least $1.00 over the course of a consecutive 30 day trading period.

Birds share price has followed a fairly consistent downward trajectory since its debut via a SPAC merger last November. The closing price has remained below $1 per share since around mid-May, just after when it reported its first fiscal quarterly earnings for 2022. Those results saw revenue, gross margins and ride profit drop quarter over quarter those ride profits grew considerably year over year .

The non-compliance note from NYSE doesnt mean immediate delisting its a preliminary step that gives Bird six months to get back in compliance, which means holding an average share price of at least $1 across a span of 30 consecutive trading days and also having a share value above $1 on the final trading day of that same month. To get above water, Bird says in its release that it will be considering a number of options, including a reverse stock split (pending shareholder approval).

Birds share price closed at $0.5558 on the trading day.