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Kaleyra, Inc. (NYSE:KLR) (NYSE:KLR) ("Kaleyra" or the "Company"), a rapidly growing omnichannel business communications platform, announced that on April 3, 2023, the Company received a written notice (the "Notice") from the New York Stock Exchange (the "NYSE") that the Company no longer satisfies the continued listing standards set forth under Section 802.01B of the NYSE's Listed Company Manual because the average market capitalization of the Company over a consecutive 30 trading-day period was less than $50 million and, at the same time, the Company's last reported stockholders' equity was less than $50 million (the "Market Capitalization Deficiency"). As of March 31, 2023, the 30 trading-day average market capitalization was approximately $31.5 million, and its last reported stockholders' equity was $42.2 million as of December 31, 2022.
In accordance with applicable NYSE procedures, the Company has 45 days from receipt of the Notice to submit a business plan advising the NYSE of the definitive action(s) the Company has taken, or is taking, that would bring it into compliance with continued listing standards within 18 months of receipt of the Notice. The NYSE will review the plan and, within 45 days of its receipt, determine whether the Company has made a reasonable demonstration of an ability to conform to the relevant standards in the 18-month period. If the NYSE accepts the plan, the Company's common stock will continue to be listed and traded on the NYSE during the 18-month period, subject to the Company's compliance with the other continued listing standards of the NYSE and continued periodic review by the NYSE of the Company's progress with respect to its plan.
The Notice has no immediate impact on the listing of the Company's common stock, which will continue to be listed and traded on the NYSE during the applicable cure period, subject to the Company's compliance with the other continued listing requirements of the NYSE. The Company's common stock will continue to trade on the NYSE under the symbol "KLR" with the designation of ".BC" to indicate the status of the shares as "below criteria."
The Notice does not affect the Company's reporting obligations with the Securities and Exchange Commission, and it does not conflict with or cause an event of default under any of the Company's material debt or other agreements.
The NYSE also confirmed in the Notice that the Company has regained compliance with the average closing price continued listing criteria. The NYSE previously notified the Company on November 7, 2022 that it was not in compliance with the continued listing criteria set forth in Section 802.01C of the NYSE's Listed Company Manual, as the average closing price of the Company's common stock was less than $1.00 per share over a consecutive 30 trading-day period. The NYSE confirmed in the Notice that, as of March 31, 2023, the Company's stock price was above the NYSE's minimum requirement of $1.00 based on a 30 trading-day average.
Posted In: KLR
