Chegg, Inc. received a notice from the NYSE regarding non-compliance with the minimum share price requirement.
The Company has six months to regain compliance with the NYSE minimum share price requirement.
If Chegg's common stock maintains a closing share price of at least $1.00 for 30 consecutive trading days, it can regain compliance.
Notice of Non-Compliance
Chegg was notified by the NYSE of non-compliance with Section 802.01C due to the average closing share price falling below $1.00 over 30 trading days.
Compliance Period
The Company has six months to meet the NYSE minimum share price requirement by maintaining a closing share price of at least $1.00 for 30 consecutive trading days.
Potential Actions
Chegg may consider options like a reverse stock split to regain compliance with the NYSE minimum share price requirement.
- The notice of non-compliance does not impact the immediate listing of Chegg's common stock on the NYSE, which will continue during the six-month cure period.
- Chegg remains committed to monitoring and evaluating solutions to rectify the deficiency and comply with listing standards to avoid potential delisting.
- The Company's focus on learning and career advancement remains unchanged, emphasizing its commitment to improving learning outcomes globally.
Chegg's proactive approach to addressing the non-compliance issue and commitment to maintaining its listing position reflect its dedication to shareholder value and regulatory adherence in the financial market.