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PARTS iD, Inc. (NYSE:ID) ("PARTS iD" or "the Company") today announced that it has received written notice (the "Notice") from the NYSE American LLC (the "NYSE American") stating that it is not in compliance with the continued listing standard set forth in Section 1003(f)(v) of the NYSE American Company Guide (the "Company Guide") because the Company's common stock was selling for a substantial period of time at a low price per share.
The Notice stated that the Company's continued listing is predicated on it effecting a reverse stock split of its common stock or otherwise demonstrating sustained price improvement within a reasonable period of time, which NYSE American has determined to be no later than April 27, 2024. However, NYSE American may take an accelerated delisting action that would pre-empt the cure period in the event that the common stock trades at a level viewed to be abnormally low.
As previously reported, on May 23, 2023, the Company received notification (the "Letter") from the NYSE American that it was not in compliance with the continued listing standards set forth in the NYSE American Company Guide (the "Company Guide"). Specifically, the Letter indicated that the Company was not in compliance with Sections 1003(a)(i) and 1003(a)(ii) of the Company Guide, requiring a listed company to have stockholders' equity of (i) at least $2.0 million if it has reported losses from continuing operations or net losses in two of its three most recent fiscal years and (ii) at least $4.0 million if it has reported losses from continuing operations or net losses in three of its four most recent fiscal years. The Company submitted a plan of compliance to the Exchange on June 22, 2023 addressing how the Company intends to regain compliance with these requirements by November 23, 2024.
On August 8, 2023, the Company received notice from the NYSE American that it had accepted the Company's plan and granted a plan period through November 23, 2024 to regain compliance with the continued listing standards. If the Company is not in compliance with the continued listing standards by that date or if the Company does not make progress consistent with the Plan during the plan period, the Exchange may commence delisting procedures.
The Company's common stock will continue to be listed on the NYSE American while the Company evaluates its various alternatives. The Company will also continue to be included in the list of NYSE American noncompliant issuers, and the below compliance (".BC") indicator will continue to be disseminated with the Company's ticker symbol(s). The Company's receipt of the Notice from the NYSE American does not affect the Company's business, operations or reporting requirements with the U.S. Securities and Exchange Commission.
Posted In: ID
