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Starry Group Holdings, Inc. (NYSE:STRY) (the "Company" or "Starry"), a licensed fixed wireless technology developer and internet service provider, today announced that on December 14, 2022, the New York Stock Exchange (the "NYSE") notified the Company, and publicly announced, that it has determined to commence proceedings to delist the Company's Class A Common Stock (the "Class A Common Stock") and warrants to purchase shares of Class A Common Stock (the "Warrants") from the NYSE and that trading in the Class A Common Stock and Warrants would be suspended immediately, due to trading price levels pursuant to Section 802.01D of the NYSE Listed Company Manual ("Section 802.01D"). The Company has a right to an appeal of this determination by the NYSE, provided that the Company files a written request for such review within seven calendar days after receiving the notice. The Company's Board of Directors is currently considering whether to appeal the NYSE's determination to commence delisting proceedings. To effect the delisting, the NYSE will apply to the Securities and Exchange Commission (the "SEC") to delist the Class A Common Stock and Warrants pending completion of applicable procedures.
In addition, on December 9, 2022, the NYSE notified the Company that it is not in compliance with Section 802.01B of the NYSE Listed Company Manual ("Section 802.01B") because its average global market capitalization over a consecutive 30 trading-day period was less than $50 million and, at the same time, its last reported stockholders' equity was less than $50 million.
Pursuant to the NYSE's rules, the Company has 45 days from the receipt of the Section 802.01B notice to submit a plan advising the NYSE of definitive action the Company has taken, or is taking, which would bring the Company into compliance with the minimum global market capitalization listing standard within 18 months of receipt of the notice. The Company's Board of Directors is currently considering whether to submit such a plan. If the NYSE accepts a plan submitted by the Company, and assuming that the Company is successful in its appeal of the NYSE's decision to suspend trading in the Class A Common Stock and Warrants and initiate delisting proceedings pursuant to Section 802.01D and that the Company is in compliance with other NYSE continued listing standards, the Class A Common Stock and Warrants may resume trading on the NYSE.
There is no impact to customers' internet service as a result of the NYSE's actions. All customer operations continue as normal.
Posted In: STRY
