BigBear.ai Receives Continued Listing Notice From NYSE
December 23 2022 - 04:30PM
Business Wire
BigBear.ai (NYSE: BBAI), a leader in AI-powered analytics and
cyber engineering solutions, today announced that on December 20,
2022 it received written notice from the New York Stock Exchange
(“NYSE”) that it is not in compliance with the continued listing
standards set forth in Rule 802.01C of the NYSE Listed Company
Manual that requires listed companies to maintain an average
closing share price of at least $1.00 over a consecutive 30
trading-day period (the “Notice”).
As required by the NYSE, BigBear.ai responded to the Notice and
expressed its intent to cure this deficiency. BigBear.ai has six
months following the receipt of the Notice to cure the deficiency
and regain compliance, subject to the extension of such deadline in
the event that BigBear.ai undertakes to conduct a reverse stock
split following its next annual stockholders meeting. BigBear.ai
can regain compliance at any time during the cure period if, on the
last trading day of any calendar month during the cure period, its
common stock has a closing price of at least $1.00 and an average
closing price of at least $1.00 over the 30 consecutive trading-day
period ending on the last trading day of that month.
BigBear.ai will closely monitor the closing share price of its
common stock and is considering all available options and intends
to regain compliance with the NYSE listing standards by pursuing
measures that are in the best interests of BigBear.ai and its
stockholders, including potentially through the consummation of a
reverse stock split, subject to stockholder approval.
During this period, BigBear.ai’s common stock will continue to
be listed and traded on the NYSE under its existing ticker symbol,
with the addition of a suffix indicating the “below compliance”
status of its common stock, as “BBAI.BC.”
The Notice does not affect BigBear.ai’s business operations or
its Securities and Exchange Commission reporting requirements and
does not conflict with or trigger any violation under BigBear.ai’s
material debt agreements.
About BigBear.ai
BigBear.ai delivers AI-powered analytics and cyber engineering
solutions to support mission-critical operations and
decision-making in complex, real-world environments. BigBear.ai’s
customers, which include the US Intelligence Community, as well as
customers in manufacturing, logistics, commercial space, and other
sectors, rely on BigBear.ai’s solutions to see and shape their
world through reliable, predictive insights and goal-oriented
advice. Headquartered in Columbia, Maryland, BigBear.ai has
additional locations in Virginia and Michigan. For more
information, please visit: https://bigbear.ai/ and follow
BigBear.ai on Twitter: @BigBearai.
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BigBear.ai Tyler Sigmon 443-430-2622 media@bigbear.ai
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