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CannTrust Holdings Inc. (NYSE:CTST)(TSX:TRST) said Tuesday afternoon it was notified by the New York Stock Exchange on Monday that it's no longer in compliance with the NYSE’s listing standard rules due to CannTrust’s share price falling below the set threshold.
The NYSE demands the average closing price of a listed company’s shares to be a minimum of $1.00 per share for 30 consecutive trading days. On Monday, CannTrust’s 30 trading-day average closing price was 97 cents.
The company won’t be removed from NYSE listing immediately. Instead, CannTrust has six months to retake compliance. During those six months, its common shares will continue to list on NYSE.
NYSE rules allow for the company to retain compliance at any point in the six-months period if it achieves at least $1.00 average closing price over the 30 trading-day period ending on the last trading day of that month or on the last day of the cure period.
CannTrust’s stock closed Tuesday’s market session 8.13% lower at 84 cents per share.
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