Electriq Power Holdings, Inc. Announces Receipt of Continued Listing Standard Notice from NYSE
November 29 2023 - 4:15PM
Business Wire
Electriq Power Holdings, Inc. (“Electriq”) (NYSE: ELIQ) received
written notice on November 22, 2023, from the New York Stock
Exchange (“NYSE”) that Electriq is not in compliance with the NYSE
continued listing standards, which require it to maintain: (i) a
minimum average closing price of at least $1.00 per share over a
consecutive 30-day trading period (“Minimum Stock Price Standard”)
and (ii) an average market capitalization of at least $50.0 million
over a consecutive 30-day trading period and, at the same time, a
total stockholders’ equity equal to or greater than $50.0 million
(“Minimum Market Capitalization Standard”).
Electriq plans to notify the NYSE by December 7, 2023 of its
receipt of the notice and that it intends to submit a plan to cure
the Minimum Market Capitalization Standard deficiency.
Minimum Stock Price Standard
The NYSE provides a period of six months, or until Electriq’s
next annual meeting of stockholders if stockholder approval is
required, (the “Cure Period”) following receipt of the notice to
regain compliance with the minimum stock price requirement for
continued listing on the NYSE. Electriq can regain compliance at
any time during the Cure Period if, on the last trading day of any
calendar month during the Cure Period, Electriq has: (i) a closing
stock price of at least $1.00 and (ii) an average closing stock
price of at least $1.00 over the 30-day trading period ending on
the last trading day of that month.
Minimum Market Capitalization Standard
The NYSE provides a period of 45 days from receipt of the notice
to submit a plan advising the NYSE of definitive actions Electriq
has taken, or is taking, that would bring it into compliance with
the market capitalization listing standard within 18 months of
receipt of the notice. Electriq is currently evaluating its
available options and developing a plan to regain compliance with
the minimum global market capitalization requirement.
The NYSE notification does not affect Electriq’s business
operations or its Securities and Exchange Commission (“SEC”)
reporting requirements.
About Electriq Power
Electriq (NYSE:ELIQ), founded in 2014 in the San Francisco Bay
Area, provides turnkey intelligent energy storage and management
solutions for homes and small businesses. Electriq’s solutions
deliver always-available, low-cost clean energy, even during
intermittent outages and inclement weather. Those solutions enable
cities, municipalities, and utilities to provide their constituents
with a path to sustainable and resilient sources of energy,
regardless of socio-economic status.
Cautionary Note on Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Certain of these
forward-looking statements can be identified by the use of words
such as “anticipate,” “believe,” “could,” “continue,” “estimate,”
“expect,” “forecast,” “intend,” “may,” “might,” “outlook,” “plan,”
“possible,” “potential,” “predict,” “project,” “scheduled,” “seek,”
“should,” “will,” “would” or similar expressions, but the absence
of these words does not mean that a statement is not
forward-looking. Forward-looking statements in this press release
include statements regarding: (i) its plans to notify the NYSE of
its receipt of the Notice and (ii) its intent to develop a plan to
bring Electriq into compliance with the Minimum Market
Capitalization Standard. Although Electriq believes that its plans,
intentions and expectations reflected in or suggested by these
forward-looking statements are reasonable, Electriq cannot assure
you that it will achieve or realize these plans, intentions, or
expectations. Forward-looking statements are inherently subject to
risks, uncertainties, and assumptions. Generally, statements that
are not historical facts, including statements concerning possible
or assumed future actions, business strategies, events or results
of operations, and any statements that refer to projections,
forecasts or other characterizations of future events or
circumstances, including any underlying assumptions, are forward
looking statements. These forward-looking statements are not
guarantees of performance. You should understand that these
statements are affected by factors set forth in Electriq’s filings
with the SEC, including but not limited to those described under
the headings “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in Amendment No. 2 to Form S-1 filed
with the SEC on November 7, 2023, and in its other filings made
with the SEC from time to time, which are available via the SEC’s
website at www.sec.gov. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Forward looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Electriq assumes
no obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Electriq does not give any assurance
that it will achieve its expectations.
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version on businesswire.com: https://www.businesswire.com/news/home/20231129253777/en/
Investor Contacts: Core IR Bret Shapiro
Bret@coreir.com
Media Contacts: Electriq Power
media@electriqpower.com
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