(Reuters) -Electric vehicle startup Fisker said on Friday it had received a non-compliance notice from the New York Stock Exchange as its stock had closed below $1 on average for 30 consecutive trading days.
Failure to comply with the NYSE’s rules can lead a company to get delisted from the world’s largest stock exchange.
Recipients of such notices typically get some time to regain compliance with the exchange’s rules before delisting proceedings are initiated.
The company said the notice does not lead to an immediate delisting from the stock exchange, adding it has six months to regain compliance.
Companies typically use reverse stock splits and share buybacks to regain compliance with the $1 minimum price requirement.
(Reporting by Zaheer Kachwala and Niket Nishant in Bengaluru; Editing by Tasim Zahid)
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