Gelesis Receives Notice of NYSE Trading Share Price Listing Rule Non-Compliance
04 Novembre 2022 - 11:00PM
Business Wire
The Company Intends to Cure Deficiency and
Return to Compliance with NYSE Listing Standard
Gelesis Holdings Inc. (NYSE: GLS) (“Gelesis” or the “Company”)
today noted that the Company received a notification letter from
the New York Stock Exchange (the “NYSE”) advising that because the
average closing price of the Company’s common stock was less than
$1.00 over a consecutive 30 trading-day period, it is not in
compliance with Section 802.01C of the NYSE Listed Company Manual.
The Company’s common stock will continue to be listed and traded on
the NYSE, subject to the Company’s compliance with other NYSE
continued listing standards.
The Company can regain compliance at any time within the
six-month period following receipt of the NYSE notice if on the
last trading day of any calendar month during such six-month cure
period the Company has a closing share price of at least $1.00 and
an average closing share price of at least $1.00 over the 30
trading-day period ending on the last trading day of that month.
The Company intends to consider all available alternatives in order
to regain compliance within the six-month cure period and will
pursue those alternatives that are in the best interest of the
Company and its shareholders.
The Company will provide a timely response to the NYSE’s letter
to confirm its intent to return to compliance.
About Gelesis
Gelesis Holdings Inc. (NYSE: GLS) (“Gelesis”) is a
consumer-centered biotherapeutics company.
Forward-Looking Statements
Certain statements, estimates, targets and projections in this
press release may constitute “forward-looking statements” within
the meaning of the federal securities laws. The words “anticipate,”
“believe,” continue,” “could,” “estimate,” “expect,” “intend,”
“may,” “might,” “plan,” “possible,” “potential,” “predict,”
“project,” “should,” “strive,” “would” and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that statement is not forward looking.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Forward-looking statements include, but are not
limited to, statements regarding Gelesis’ or its management team’s
expectations, hopes, beliefs, intentions or strategies regarding
the future. In addition, any statements that refer to projections,
forecasts, or other characterizations of future events or
circumstances, including any underlying assumptions, are
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Gelesis assumes
no obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Gelesis gives no assurance that any
expectations set forth in this press release will be achieved.
Various risks and uncertainties (some of which are beyond Gelesis’
control) or other factors could cause actual future results,
performance or events to differ materially from those described
herein. Some of the factors that may impact future results and
performance may include, without limitation: Gelesis’ ability to
regain compliance with the continued listing standards of the NYSE
within the applicable cure period, Gelesis’ ability to continue to
comply with applicable listing standards of the NYSE, and other
important factors discussed in the “Risk Factors” section of
Gelesis’ most recent Annual Report on Form 10-K and in other
filings that Gelesis makes with the Securities and Exchange
Commission. These filings address other important risks and
uncertainties that could cause actual results and events to differ
materially from those contained in the forward-looking
statements.
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