Black Rifle Coffee Company said June 2 that it has regained compliance with the New York Stock Exchange’s minimum share price requirement, ending a listing concern that began in February.
The company said the NYSE notified it on June 1 that, as of May 29, its Class A common stock had closed at at least $1.00 on the last trading day of the month and had maintained an average closing price of at least $1.00 over the prior 30 trading days. That marked a turnaround from Feb. 11, when the exchange said Black Rifle was out of compliance because its average closing price over the preceding 30 trading days had fallen below $1.00.
Black Rifle said it regained compliance through recent stock performance and did not need to carry out a reverse stock split, even though stockholders had approved one on May 28.
The company said its shares will remain listed and traded on the NYSE as long as it continues to meet listing standards. Following these announcements, the company's shares moved -2.13%, and are now trading at a price of $1.605. For the full picture, make sure to review BRC's 8-K report.
