PANews reported on August 22 that according to Cointelegraph, blockchain service solution provider SOS Limited received a non-compliance letter from the New York Stock Exchange (NYSE) due to poor stock price performance. The trading price of its American Depositary Shares (ADS) fell below $1 for 30 consecutive trading days. According to legal requirements, SOS must restore its stock price and average stock price to more than $1 within six months, otherwise it will face the risk of being suspended and delisted by the New York Stock Exchange.
In a statement, SOS explained the compliance process: “A company may regain compliance at any time during the six-month remediation period if, on the last trading day of any calendar month during the remediation period, the company’s closing price is at least $1 and the average closing price for the 30 trading days ending on the last trading day of that month is at least $1.”
The non-compliance notice will not have a direct impact on the listing of the Company's American Depositary Receipts, which will continue to be listed and traded on the New York Stock Exchange during the six-month remediation period as long as the Company's other listing requirements are met.