MariaDB Receives NYSE Continued Listing Standards Notice
September 22 2023 - 8:00AM
Business Wire
MariaDB plc (NYSE: MRDB) (the “Company”) today announced that it
was notified on September 19, 2023 (the “Notice”) by the New York
Stock Exchange (“NYSE”) that the Company is not in compliance with
Section 802.01B of the NYSE Listed Company Manual because the
Company’s average global market capitalization over a consecutive
30 trading-day period was less than $50 million and, at the same
time, the Company’s last reported stockholders’ equity was less
than $50 million.
The Company plans to notify the NYSE that it intends to submit a
plan to cure the deficiency and to return to compliance with the
NYSE continued listing standards. Under the NYSE rules, the Company
has 45 days from receipt of the Notice to submit a business plan
advising the NYSE of the definitive action(s) the Company has
taken, is taking, or will take that would bring it into compliance
with the NYSE continued listing standards within 18 months of
receipt of the Notice (the “Cure Period”). The NYSE will review the
plan and, within 45 days of its receipt, determine whether the
Company has made a reasonable demonstration of an ability to
conform to the relevant standards in the Cure Period.
The Notice has no immediate impact on the listing of the
Company’s ordinary shares. If the NYSE accepts the plan, the
Company’s ordinary shares will continue to be listed and traded on
the NYSE during the Cure Period, subject to the Company’s
compliance with the continued listing standards of the NYSE and the
NYSE’s review of the Company’s progress with respect to its plan.
If the plan is not submitted on a timely basis or is not accepted
by the NYSE, the NYSE could initiate delisting proceedings.
As previously disclosed on June 30, 2023, the Company received
written notice from the NYSE on June 28, 2023, that it was not in
compliance with Section 802.01C of the NYSE Listed Company Manual
because the average closing price of the Company’s ordinary shares
was less than $1.00 over a consecutive 30 trading-day period. In
connection with the June notice, the Company notified the NYSE that
it intends to cure the stock price deficiency and to return to
compliance with the NYSE continued listing standard with respect to
the deficiency under Section 802.01C. The Company is currently
within the six-month cure period for this deficiency following
receipt of the June notice.
About MariaDB
MariaDB is a new generation cloud database company whose
products are used by companies big and small, reaching more than a
billion users through Linux distributions and have been downloaded
over one billion times. Deployed in minutes and maintained with
ease, leveraging cloud automation, MariaDB database products are
engineered to support any workload, any cloud and any scale – all
while saving up to 90% of proprietary database costs. Trusted by
organizations such as Bandwidth, DigiCert, InfoArmor, Oppenheimer
and Samsung, MariaDB’s software is the backbone of critical
services that people rely on every day. For more information,
please visit mariadb.com.
Forward-Looking Statements
Certain statements in this press release are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Words indicating future events and actions,
such as “will,” “intend,” “plan,” and “may,” and variations of such
words, and similar expressions and future-looking language identify
forward-looking statements, but their absence does not mean that
the statement is not forward-looking. The forward-looking
statements in this press release include statements regarding our
continued listing of securities on the NYSE and related actions and
events. Forward-looking statements are not guarantees of future
events and actions, which may vary materially from those expressed
or implied in such statements. Differences may result from, among
other things, actions taken by the Company or its management or
board or third parties (including the NYSE), including those beyond
the Company’s control. Such differences and uncertainties and
related risks include, but are not limited to, the possibility that
our securities may be suspended or delisted from the NYSE, the
possibility that the Company may not file a plan with the NYSE that
is acceptable, even if the NYSE accepts the Company’s plan there
may be negative effects due to actions taken pursuant to the plan
on the market price of Company securities and the Company in
general, and potentially significant related costs to structuring
and implementing the plan. The foregoing list of differences and
risks and uncertainties is illustrative, but by no means
exhaustive. For more information on factors that may affect the
continued listing of Company securities on NYSE and related actions
and events, please review “Risk Factors” described in the Company’s
filings and records filed with the United States Securities and
Exchange Commission. These forward-looking statements reflect the
Company’s expectations as of the date hereof. The Company
undertakes no obligation to update the information provided
herein.
Source: MariaDB
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version on businesswire.com: https://www.businesswire.com/news/home/20230921298202/en/
Investors: ir@mariadb.com
Media: pr@mariadb.com
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