Spire Global on the Recent York Stock Exchange, August 17, 2021.
Source: NYSE
A pair of space firms received delisting warnings on Friday, based on securities filings, as each ventures’ stock prices stood below $1 a share.
Small satellite builder and data specialist Spire Global received a notice from the Recent York Stock Exchange, while spacecraft delivery company Momentus received a notice from the Nasdaq.
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Under the respective exchanges’ compliance rules, the businesses have 180 days, or about six months, to get their stock prices back above $1 a share.
Spire’s stock closed at 69 cents a share on Friday, having first slipped below $1 a share on Mar. 7.
Momentus’ stock closed at 63 cents a share, slipping below $1 a share on Feb. 7.
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Each firms noted the potential of conducting a reverse stock split to regain compliance.
Spire debuted on the general public markets in August 2021, after completing a SPAC merger. The corporate hit $100 million in annual subscription revenue, it announced during its Q4 results, and has continued to shave its losses because it goals to be free money flow positive in a couple of 12 months.
Momentus also debuted in August 2021, following its own SPAC merger. After a turbulent leadership changeover, the corporate has struggled to ramp up its spacecraft platform business. In Q4, it saw minimal revenue, but hopes to fly multiple missions this 12 months.
The warnings come as fellow space company Astra seeks an extension from the Nasdaq to regain compliance after it received a delisting warning last 12 months.
