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Be the first with the news that moves the market- CannTrust Holdings (TSX:TRST) is no longer in compliance with the New York Stock Exchange’s rules for continued listing
- The NYSE requires a company’s average closing share price over 30 consecutive trading days to be over US$1.00
- Earlier this week, CannTrust’s average closing price for common shares was US$0.99
- CannTrust has six months to raise its share price back to US$1.00, or risk delisting from the NYSE
- CannTrust Holdings (TRST) was down 8.7 per cent, with shares currently trading at C$0.84
Cannabis company, CannTrust Holdings’ (TRST) share price is no longer in compliance with the New York Stock Exchange’s listing rules.
The New York Stock Exchange (NYSE) requires a company’s average closing share price over 30 consecutive trading days to be over US$1.00.
As of February 25, CannTrust’s average shares price over the previous 30 trading days was US$0.99. This prompted the NYSE to send a written notification announcing the lack of compliance.
Within ten days of the notification, CannTrust must tell the exchange how they plan to increase their stock price.
CannTrust has six months from the notification date to raise its average closing share price to US$1.00, and regain compliance.
During those six months, CannTrust’s common shares will continue to be listed and traded on the NYSE and TSX as usual.
If the company is unable to raise its stock price and regain compliance, the NYSE may begin the delisting process.
CannTrust Holdings (TRST) was down 8.7 per cent, with shares trading for C$0.84 at 1:02pm EST.
