voxeljet AG Receives a Notice of Noncompliance from the New York Stock Exchange
voxeljet AG (NYSE: VJET) (the “Company”, or “voxeljet”), a leading provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers, today announced that the Company received a notice (the “Notice”) from the New York Stock Exchange (the “NYSE”) on April 20, 2020 stating that the Company is not in compliance with Section 802.01C of the NYSE’s Listed Company Manual due to the fact that the average closing price of the Company’s American Depositary Shares (“ADSs”) had fallen below $1.00 per share over a period of 30 consecutive trading days. As set forth in the Notice, as of April 17, 2020, the Company had a 30 trading-day average closing share price of $0.96.
The Company intends to work diligently in an effort to remedy the deficiency in a timely manner and, in accordance with NYSE listing requirements, notified the NYSE within 10 business days of receipt of the Notice on April 22, 2020, of its intent to cure the deficiency within six months following receipt of the Notice. The Company can regain compliance with Section 802.01C at any time during the cure period if on the last trading day of any calendar month during the cure period, the Company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. In the event that at the expiration of the cure period, both a $1.00 closing share price on the last trading day of the cure period and a $1.00 average closing share price over the 30 trading-day period ending on the last trading day of the cure period are not attained, the NYSE will commence suspension and delisting procedures.
As previously disclosed in the filings with the SEC, the Company received a written notice from the NYSE that the Company is not in compliance with Section 802.01B of the NYSE’s Listed Company Manual due to the fact that the Company's average global market capitalization over a consecutive 30 trading-day period was less than $50 million and, at the same time, its shareholders’ equity was less than $50 million. In connection with the August 2019 notice, on January 24, 2020, the NYSE accepted the Company's 18-month plan with respect to the deficiency under Section 802.01B. The Company currently remains out of compliance with the continued listing standard set forth in Section 802.01B.
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