The provider of 3D printing systems Desktop Metal has been warned by the New York Stock Exchange (NYSE). The reason is the company’s share price, which has been below 1 US dollar for some time.
As Desktop Metal confirmed in a press release, there is a threat of exclusion from the prestigious NYSE trading if the share price does not rise above 1 dollar again within six months. A reverse stock split at a ratio of 1:10 or more was mentioned as an option.
Desktop Metal’s competitor Markforged had previously received a similar warning from the NYSE. Desktop Metal had gone public via a SPAC deal in anticipation of rapid growth. The weak share price performance now reflects disillusionment. Nevertheless, Desktop Metal emphasizes that it is interested in remaining on the NYSE.