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Desktop Metal receives notice from NYSE for non-compliance of listing standards
Additive Manufacturing
Nov 29, 2023
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Additive Manufacturing

Additive Manufacturing

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Nov 29, 2023

Desktop Metal receives notice from NYSE for non-compliance of listing standards

Listing

  • Desktop Metal, a seller of 3D printers and related products, has received notification from the New York Stock Exchange (NYSE) on November 22, 2023, indicating non-compliance with the exchange's listing standards due to the average closing price of its common stock being below USD 1.00 over 30 consecutive trading days.

  • However, this notice doesn't immediately lead to the delisting of Desktop Metal's stock from the NYSE. The company has a six-month window from the notice date to meet the minimum stock price requirement.

  • To address this, Desktop Metal aims to regain compliance by exploring potential solutions, including a reverse stock split, subject to stockholder approval at its upcoming annual meeting, if necessary. 

  • Analyst QuickTake: This news comes a couple of weeks after Desktop Metal sold Aerosint SA , which offers an industrial solution for simultaneous metallic multi-material printing to Schaeffler Group. On a separate note, Desktop Metal becomes the second 3D printing company to be issued a non-compliance notice by the NYSE. Markforged encountered this rule violation twice, with the latest occurrence on November 21, 2023.

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