A pair of space companies received delisting warnings on Friday, according to securities filings, because both companies’ stock prices were below $1 a share.
Manufacturer of small satellites and data specialist world spire received a notice from the New York Stock Exchange, while the spacecraft delivery company Élan received a notice from Nasdaq.
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Under respective stock exchange compliance rules, companies have 180 days, or about six months, to bring their stock price back above $1 per share.
Shares of Spire closed at 69 cents per share on Friday, after first slipping below $1 per share on March 7.
Shares of Momentus closed at 63 cents per share, slipping below $1 per share on Feb. 7.
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Both companies noted the possibility of a stock split to regain compliance.
Spire debuted in the public markets in August 2021, after completing a SPAC merger. The company hit $100 million in annual subscription revenue, it announced during its fourth quarter results, and has continued to cut losses as it aims to be free cash flow positive in about a year. year.
Momentus also debuted in August 2021, following its own SPAC merger. After a bumpy change in leadership, the company struggled to grow its spacecraft platform business. In the fourth quarter, it recorded minimal revenue, but hopes to complete several missions this year.
The warnings come as space company Astra seeks an extension from Nasdaq to regain compliance after receiving a radiation warning last year.
