Boca Raton-based satellite builder, Terran Orbital, has received formal notification from the New York Stock Exchange that the company was in ‘non-compliance’ with its rules.

The NYSE rules are that shares must stay above $1 in value. Terran’s share price is currently just 74 cents and for the past month it has been below $1.

The NYSE formal notice does not result in the immediate delisting of the Company’s common stock from the NYSE. Terran says that it has plans to remedy the situation.

In accordance with applicable NYSE rules, the company plans to notify the NYSE that it intends to cure the stock price deficiency and return to compliance with the applicable NYSE continued listing standards. The Company can regain compliance at any time within a six-month cure period following its receipt of the NYSE notice if, on the last trading day of any calendar month during such cure period, the company has both:

(i) a closing share price of at least $1.00 and

(ii) an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of the applicable calendar month. The company intends to remain listed on the NYSE and is considering all available options to regain compliance with the NYSE’s continued listing standards, including, but not limited to, a reverse stock split, subject to stockholder approval.

Terran is busy expanding its satellite production facilities and amongst other orders has a contract to build 300 satellites for Rivada Space Networks. Lockheed Martin, already an investor in Terran, has made a bid to take control of Terran but this was rejected by Terran’s shareholders.

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Categories: Blogs, Business, Inside Satellite, Satellite

Tags: Boeing Satellite Systems, Lockheed Martin, terran, Terran Orbital