Markforged faces NYSE delisting, may consider reverse split
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Shares of Markforged, a 3D printing company, have fallen into noncompliance with the New York Stock Exchange’s (NYSE) continued listing standards for the second time after its stock price dropped to $0.84. The company received a notification about this issue today and is now considering a reverse stock split to regain compliance within a six-month cure period provided by the exchange.
Markforged first entered the public markets in July 2021 through a reverse merger with a Special Purpose Acquisition Corporation (SPAC). To comply with the NYSE’s regulations, Markforged must ensure that its common stock price is at least $1.00 at the end of any given month and also averages above $1.00 over the preceding 30-day period within the six-month timeframe.
During this cure period, Markforged’s common stock will continue trading on the NYSE, provided it meets all other listing standards. If shareholder consent is obtained for a reverse stock split, it could help elevate the stock price above the minimum threshold required by the NYSE.
In related news, Timber Pharmaceuticals (NYSE American: TMBR) is facing delisting from the NYSE American exchange following an unsuitability ruling. The pharmaceutical company filed voluntary Chapter 11 bankruptcy petitions on Thursday last week with Delaware’s U.S. Bankruptcy Court. The risk of total investment loss for shareholders was outlined in TMBR’s Form 8-K disclosure.
Timber Pharmaceuticals retains the right to appeal the delisting decision through the Committee for Review’s Listings Qualifications Panel. Depending on the outcomes of any potential appeal, further announcements regarding suspension and delisting will be made. The developments at Timber Pharmaceuticals serve as a stark reminder of the risks inherent in investing in companies facing financial difficulties.
