Desktop Metal, Inc. Receives Continued Listing Standard Notice from NYSE
29 November 2023 - 10:15PM
Business Wire
Desktop Metal, Inc. (NYSE: DM) (“Desktop Metal”) today announced
that it received notice from the New York Stock Exchange (the
“NYSE”) on November 22, 2023, indicating that Desktop Metal is not
in compliance with NYSE’s continued listing standards because the
average closing price of Desktop Metal’s common stock was less than
$1.00 over a consecutive 30 trading-day period. The notice does not
result in the immediate delisting of Desktop Metal’s common stock
from the NYSE.
Under NYSE rules, Desktop Metal has a period of six months from
receipt of the notice to regain compliance with the NYSE minimum
stock price listing requirement. Desktop Metal has notified the
NYSE of its intent to cure the stock price deficiency and return to
compliance with the NYSE continued listing standards. Desktop Metal
intends to consider available alternatives, including, but not
limited to, a reverse stock split, subject to stockholder approval
no later than at Desktop Metal’s next annual meeting of
stockholders, if necessary, to cure the stock price non-compliance.
Under the NYSE’s rules, if Desktop Metal determines that it will
cure the stock price deficiency by taking an action that will
require stockholder approval at its next annual meeting of
stockholders, the price condition will be deemed cured if the price
promptly exceeds $1.00 per share, and the price remains above that
level for at least the following 30 trading days.
Desktop Metal’s common stock will continue to be listed and
trade on the NYSE during this cure period, subject to Desktop
Metal’s compliance with other NYSE continued listing standards.
About Desktop Metal
Desktop Metal (NYSE:DM) is driving Additive Manufacturing 2.0, a
new era of on-demand, digital mass production of industrial,
medical, and consumer products. Our innovative 3D printers,
materials, and software deliver the speed, cost, and part quality
required for this transformation. We’re the original inventors and
world leaders of the 3D printing methods we believe will empower
this shift, binder jetting and digital light processing. Today, our
systems print metal, polymer, sand and other ceramics, as well as
foam and recycled wood. Manufacturers use our technology worldwide
to save time and money, reduce waste, increase flexibility, and
produce designs that solve the world’s toughest problems and enable
once-impossible innovations. Learn more about Desktop Metal and our
#TeamDM brands at www.desktopmetal.com.
Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the federal
securities laws. Forward-looking statements generally relate to
future events, such as any potential plans of Desktop Metal to cure
the stock price deficiency, including by action that would require
a stockholder vote. You are cautioned that such statements are not
guarantees of future performance and that Desktop Metal’s actual
results may differ materially from those set forth in the
forward-looking statements. All of these forward-looking statements
are subject to risks and uncertainties that may change at any time.
Factors that could cause Desktop Metal’s actual expectations to
differ materially from these forward-looking statements include
Desktop Metal’s ability to regain compliance with the continued
listing standards of the NYSE within the applicable cure period,
Desktop Metal’s ability to continue to comply with applicable
listing standards of the NYSE and the other factors under the
heading “Risk Factors” set forth in Desktop Metal’s Annual Report
on Form 10-K, as supplemented by Desktop Metal’s quarterly reports
on Form 10-Q. Such filings are available on our website or at
www.sec.gov. You should not place undue reliance on these
forward-looking statements, which are made only as of the date of
this press release. Desktop Metal undertakes no obligation to
publicly update or revise forward-looking statements to reflect
subsequent developments, events, or circumstances, except as may be
required under applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20231129271781/en/
Investor Relations: (857) 504-1084
DesktopMetalIR@icrinc.com
Media Relations: Sarah Webster (313) 715-6988
sarahwebster@desktopmetal.com
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