Company failed to maintain NYSE's minimum price criteria
Blend revealed last week that it received a notice from the New York Stock Exchange (NYSE) warning the mortgage lender that its stock is at risk of being delisted from the exchange due to a low price share.
According to the notice, the average closing price of Blend's common stock was less than $1 per share over the past month. The company has six months to regain compliance with the NYSE's minimum price criteria, and options include a reverse stock split.
"The company plans to notify the NYSE within 10 business days of its receipt of the notice of its intent to cure the deficiency, which may include, if necessary, effecting a reverse stock split, subject to approval by the board of directors and stockholders of the company," Blend said in its news release. "The company is already undertaking business initiatives and other actions that it believes will increase stockholder value and drive share price increases."
Last month, NYSE American removed the stock of Impac Mortgage from the marketplace due to the lender's inability to maintain levels of shareholder equity.
Blend noted that its stock will continue to be listed and traded on the NYSE, and the delisting notice does not affect its business operations or its reporting obligations with the Securities and Exchange Commission.
"The company fully intends to regain compliance and will take necessary action to seek to ensure that the common stock is not delisted," Blend said.
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