Innovid Corp. an independent advertising platform for delivery, personalization and measurement of converged TV across linear, connected TV (CTV) and digital (the “Company”), announced that, on May 18, 2023, it received written notice from the New York Stock Exchange (the “NYSE”) that it is not in compliance with Section 802.01C of the NYSE Listed Company Manual because the average closing price of the Company’s common stock was less than $1.00 per share over a consecutive 30 trading-day period. The NYSE notice does not result in the immediate delisting of the Company’s common stock from the NYSE.
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In accordance with applicable NYSE rules, the Company plans to notify the NYSE that it intends to cure the stock price deficiency and return to compliance with the applicable NYSE continued listing standards. The Company can regain compliance at any time within a six-month cure period following its receipt of the NYSE notice if, on the last trading day of any calendar month during such cure period, the Company has both: (i) a closing share price of at least $1.00 and (ii) an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of the applicable calendar month. The Company intends to remain listed on the NYSE and may, if appropriate, consider available options for regaining compliance, including, but not limited to, a reverse stock split, subject to stockholder approval.
The NYSE notice has no immediate impact on the listing of the Company’s common stock, which will continue to be listed on the NYSE during such cure period, subject to the Company’s compliance with other NYSE continued listing standards. Furthermore, the NYSE notice is not anticipated to impact the ongoing business operations of the Company or its reporting requirements with the U.S. Securities and Exchange Commission.
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