Sonendo announces suspension of NYSE trading

Sonendo announced that, on November 15, 2023, it received a notice from the New York Stock Exchange that the Company was no longer in compliance with the NYSE continued listing standards set forth in Section 802.01B of the NYSE’s Listed Company Manual due to the Company’s average global market capitalization over a consecutive 30 trading-day period being less than $50 million and its stockholders’ equity being less than $50 million. As set forth in the notice, as of November 14, 2023, the 30 trading-day average global market capitalization of the Company was approximately $15.5 million and the Company’s last reported stockholders’ equity as of September 30, 2023 was approximately $37.8 million. The Company has notified the NYSE that it intends to submit a plan to regain compliance within 45 days of the notice received on November 15, 2023 advising the NYSE of definitive action it has or will take to regain compliance. If the NYSE accepts the Company’s plan, the Company’s common stock, par value $0.001 per share, may continue to be listed and traded on the NYSE during the 18-month cure period, subject to the Company’s pending NYSE appeal and hearing determination.