Local Bounti Corporation announced it received notification from the New York Stock Exchange that the NYSE has accepted the Company's previously-submitted plan to regain compliance with the NYSE's continued listing standards. In the Acceptance Letter, the NYSE granted the Company an 18-month period from the Company's receipt of the NYSE's April 3, 2024, notice of noncompliance to regain compliance with the continued listing standards.
As previously reported, on April 3, 2024, the Company received a notice from the NYSE stating that it is not in compliance with the NYSE continued listing standards set forth in Section 802.01B of the NYSE Listed Company Manual due to the fact that the Company's average global market capitalization over a consecutive 30 trading-day period was less than $50 million and, at the same time, its stockholders' equity was less than $50 million.
The Company will be subject to quarterly reviews by the NYSE during the Plan Period for compliance with the goals and initiatives in the Plan. If the Company does not regain compliance with the NYSE listing standards by the end of the Plan Period, or if the Company does not make sufficient progress consistent with the Plan, then the NYSE may initiate delisting proceedings.
The Company's stock will continue to be listed on the NYSE during the Plan Period. The Company's receipt of such notification from the NYSE does not affect the Company's business, operations or reporting requirements with the U.S. Securities and Exchange Commission.