Kaleyra receives NYSE non-compliance letter

Kaleyra received a written notice from the NYSE that the company no longer satisfies continued listing standards because the average market capitalization of the company over a consecutive 30 trading-day period was less than $50M and, at the same time, the company’s last reported stockholders’ equity was less than $50M. The company has 45 days from receipt of the notice to submit a business plan advising the NYSE of the definitive actions the company has taken, or is taking, that would bring it into compliance with continued listing standards within 18 months of receipt of the notice. The NYSE will review the plan and, within 45 days of its receipt, determine whether the company has made a reasonable demonstration of an ability to conform to the relevant standards in the 18-month period. The notice has no immediate impact on the listing of the company’s common stock. The company’s common stock will continue to trade on the NYSE under the symbol "KLR" with the designation of ".BC" to indicate the status of the shares as "below criteria." The NYSE also confirmed that the company has regained compliance with the average closing price continued listing criteria. The NYSE confirmed in the Notice that, as of March 31, 2023, the company’s stock price was above the NYSE’s minimum requirement of $1.00 based on a 30 trading-day average.