Spire, Momentus Obtain Delisting Warnings From Change

Spire Global on the New York Stock Exchange, August 17, 2021.

Source: New York SE

According to securities filings, two space companies received delisting warnings on Friday as both companies’ stock prices were below $1 a share.

Small satellite builder and data specialist Spire Global received a notice from the New York Stock Exchange while spaceship delivery company moments received a notification from the Nasdaq.

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According to each exchange’s compliance rules, companies have 180 days, or about six months, to bring their share prices back above $1 per share.

Shares of Spire closed at 69 cents a share on Friday after falling below $1 a share for the first time on March 7.

Momentus shares closed at 63 cents a share and slipped below $1 a share on Feb. 7.

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Both companies identified the possibility of a reverse stock split to regain compliance.

Spire debuted in public markets in August 2021 following the completion of a SPAC merger. The company hit $100 million in annual subscription revenue, it announced during its fourth-quarter results, and has continued to trim its losses as it aims to be free cash flow-positive in about a year.

Momentus also debuted in August 2021 following its own SPAC merger. After a turbulent leadership transition, the company struggled to ramp up its spacecraft platforms business. It posted minimal revenue in the fourth quarter but hopes to fly multiple missions this year.

The warnings come as space company Astra seeks an extension from the Nasdaq to regain compliance after receiving a delisting warning last year.