Pasadena-based solar technology company Heliogen receives notice of non-compliance from the New York Stock Exchange – Pasadena Now

Heliogen, Inc., a Pasadena-based company that provides AI-assisted concentrated solar energy, said it has received a written notice of non-compliance from the New York Stock Exchange, according to a statement on BusinessWire.

The statement said the notice was sent due to the average closing price of Heliogens common stock, which has been below $1 per share for the last consecutive 30 trading day period, Heliogen reported Dec. 28.

$1 is the minimum average share price for continued listing on the NYSE.

The company said it plans to respond to the report within 10 business days.

Under NYSE rules, Heliogen has six months after receipt of the default notice to bring its share price and average share price back above $1.

During the recovery period, Heliogens common stock will continue to trade on the NYSE as long as the company meets other requirements for continued listing.

When the average closing price of a company’s publicly traded security is less than $1 over a 30-day trading period, the company is considered to be below compliance standards and may be suspended and delisted. A company generally has six months to bring its share price and average share price back above $1, but must notify the NYSE within 10 business days of its intent to correct the deficiency.

Heliogen said the NYSE notification does not affect ongoing business operations or the Securities and Exchange Commission’s reporting requirements.

Heliogen is considering all available options to regain compliance with the NYSE’s continued listing standards, including the completion of a possible reverse stock split, the company said.

A reverse stock split is a type of corporate action that consolidates the number of existing shares of stock into less expensive stocks.

It divides the existing total number of shares by a number such as five or 10, which would then be called a 1-for-5 or 1-for-10 reverse split, respectively. A reverse stock split is also known as a stock consolidation, stock merger, or stock rollback.

Heliogen founder Bill Gross

A report of Just Wall St said Heliogen founder Bill Gross recently bought $50,000 worth of Heliogen stock for $1 a share. The report said the purchase only increased their share holdings by 2.5 percent.

Notably, that recent purchase by William Gross is the largest insider buy of Heliogen stock we’ve seen in the past year. So it is clear that an insider wanted to buy something at the current price of $1.08. Of course, they may have changed their mind. But this suggests that they are optimistic, Just Wall St wrote about the purchase.

Gross is best known for founding technology incubator Idealab in 1996 in Pasadena, after establishing a series of technology companies. But in an interview earlier in the fall, he revealed that he started selling solar energy kits in 1973 when he was 15. providing support to Israel in the Arab-Israeli war, CNBC reported.

“Because I was reading Popular Science magazine, I saw people putting small ads in the back, Gross said CNBC. And I had $400 in bar mitzvah money to spare, so I put a little ad in the back of Popular Science ad kits and plans to make your own solar concentrator, and I started selling them!

He sold about 10,000 of these plans for $4 each on his first foray into entrepreneurship.

Gross wrote about his company when he applied to college and entered Caltech to study mechanical engineering. He graduated in 1981 when IBM released its first mass-market personal computer. After graduating, he bought an IBM PC and began a 20-year detour into software development.