Artist rendition of Spire’s Lemur-2 satellite. Photo: Spire

Spire Global could be delisted from the New York Stock Exchange due to the average closing price of the company’s stock. Spire said in a March 24 press release that it received notice from the NYSE that it is not in compliance with a rule relating to share price. Spire said it intends to regain compliance and it can regain compliance during a cure period. 

In order to regain compliance, Spire’s common stock must have a closing share price of at least $1 on the last trading day of any calendar month during the cure period, and an average closing share price of at least $1 over the 30 trading-day period ending on the last trading day of that month. 

Spire’s shares have been trading at less than $1 since early March. The company sells radio frequency (RF) monitoring data collected via its own constellation of satellites, in addition to space services for other companies. In its recent 2022 full year results, Spire reported $80.3 million in revenue in 2022, up 85% compared to the prior year. 

Spire said it will consider alternatives, including a reverse stock split, subject to stockholder approval, to regain compliance.