Heliogen, a leading provider of AI-enabled concentrated solar energy, announced that on December 23, 2022, it received written notice from the New York Stock Exchange (“NYSE”) that the average closing price of its common stock over the prior consecutive 30 trading-day period was below $1.00 per share, which is the minimum average share price for continued listing on the NYSE.
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Heliogen intends to respond to the NYSE within ten business days of receipt of the notice of its intent to cure the deficiency. Pursuant to the NYSE’s rules, Heliogen has a six-month period following receipt of the deficiency letter to bring its share price and average share price back above $1.00. During the cure period, Heliogen’s shares of common stock will continue to trade on the NYSE, subject to compliance with other continued listing requirements.
The NYSE notification does not affect Heliogen’s ongoing business operations or its Securities and Exchange Commission reporting requirements. Heliogen is considering all available options to regain compliance with the NYSE’s continued listing standards, including the consummation of a potential reverse stock split.
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Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost
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