© Reuters.
CorEnergy (NYSE:) Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA), a real estate investment trust, and Fresh Vine Wine, Inc. (NYSE American: VINE), a producer of lower carb, premium wines, both received notices from the New York Stock Exchange (NYSE) on Wednesday indicating that they are no longer in compliance with the NYSE’s listing standards. The companies’ common stocks have been trading at less than $1.00 per share over a consecutive 30-day period, violating Section 802.01C of the NYSE Listed Company Manual.
Both companies intend to notify the NYSE of their plans to resolve the stock price deficiency and return to compliance with the continued listing standard. If they can achieve a closing share price of at least $1.00 and an average closing share price of at least $1.00 over a 30 trading-day period within six months from receipt of the notice, they will regain compliance.
However, if either company fails to submit a satisfactory plan or if their plans are not accepted by NYSE American, they will be subject to delisting proceedings as specified in the Company Guide. The companies will have the right to appeal any delisting determination made by NYSE American staff. During this period, their common stocks will continue to trade on NYSE American but will be included in the list of noncompliant issuers.
To improve its business results, CorEnergy has announced a definitive agreement to sell its MoGas and Omega pipeline systems to Spire Inc. (NYSE: NYSE:) for approximately $175 million in cash, subject to final working capital adjustments. The transaction is expected to close around the end of the year.
Meanwhile, Fresh Vine Wine is pursuing options to address the deficiency and intends to prepare and timely submit a compliance plan to NYSE American. The receipt of the notice does not affect the company’s business, operations, or reporting requirements with the U.S. Securities and Exchange Commission.
Both companies’ management teams are closely monitoring their stock prices during this period and are considering available alternatives to resolve the stock price non-compliance.
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