Spire Global on the New York Stock Exchange, August 17, 2021.
Two aerospace companies received warnings on Friday, according to stock filings, as both projects had share prices of less than $1 a share.
Small satellite builder and data specialist Spire Global He received notice from the New York Stock Exchange, while the spacecraft delivery company received notice Paid Get a notification from NASDAQ.
Under compliance rules on the exchanges involved, companies have 180 days, or about six months, to get their share prices back above $1 a share.
Spire stock closed at 69 cents a share on Friday, after first falling below $1 a share on March 3. 7.
Momentus stock closed at 63 cents a share, down below $1 a share on February 3rd. 7.
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Both companies have indicated the possibility of a reverse stock split to restore compliance.
Spire made its public market debut in August 2021, following the completion of the SPAC merger. The company’s annual subscription revenue was $100 million, it announced during its fourth-quarter results, and it’s continued to trim its losses as it aims to be free cash flow positive in about a year’s time.
Momentus also emerged in August 2021, following the merger of its SPAC. After a tumultuous change in leadership, the company has struggled to ramp up its spacecraft platform business. In the fourth quarter, it saw scant revenue, but it hopes to multitask this year.
The warnings come as fellow space company Astra seeks an extension from the Nasdaq to restore compliance after it received a delisting warning last year.