The New York Stock Exchange (NYSE) has announced the suspension of trading in Electriq Power Holdings shares and plans to delist the stock. This action is being taken due to the company's failure to meet the required $15 million market capitalization requirement.
Electriq Power Holdings will have the opportunity to request a review of this delisting determination.
In a previous securities filing, Electriq Power Holdings had already cautioned about the possibility of share suspension. The company has also expressed significant concerns about its ability to continue operating as a going concern, particularly after experiencing a decline in revenue due to the termination of a contract with Kohler.
Despite these challenges, the company recently stated that it expects fourth-quarter sales of approximately $1.3 million. Additionally, they anticipate generating revenue of about $20 million to $30 million in 2024.
Electriq Power Holdings' shares debuted on the NYSE on August 1st following its merger with blank-check company TLG Acquisition One Corp. However, the stock faced a decline of 6.5% and closed at 27 cents on Tuesday.
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