Nine Energy Faces NYSE Non-Compliance Notice

Published 22 hours agoNINE

Nine Energy Faces NYSE Non-Compliance Notice

Nine Energy Service, Inc., listed on the NYSE under the symbol NINE, has received a notification from the New York Stock Exchange as of October 21, 2024, regarding its failure to meet certain listing criteria. The issue stems from the company's average global market capitalization and stockholders' equity falling below $50 million over a 30-day period.

According to a report from Businesswire, Nine Energy Service has 45 days to put forward a plan to the NYSE, outlining how it will achieve compliance within the next 18 months. Should the NYSE accept their strategy, the company's shares will continue to be traded, albeit with quarterly reviews. Failing to meet the outlined standards, however, could trigger steps towards delisting from the exchange.

Despite this notice, Nine Energy Service's core business operations remain unaffected by the NYSE's compliance concerns. The notice has not impacted their SEC filings nor triggered any defaults on major debts or agreements. Nonetheless, the announcement led to a roughly 4% dip in their stock price, which was trading at 98 cents per share, noted TradingView.

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