SYDNEY - Vast Renewables Limited (NASDAQ:VSTE), an Australian-based renewable energy company, has received a notification from The Nasdaq Stock Market LLC regarding non-compliance with the Market Value of Publicly Held Shares (MVPHS) standard. The company, known for its concentrated solar thermal power (CSP) systems, was informed on February 9, 2024, that its MVPHS fell below the required minimum of $15M as stipulated by Nasdaq Listing Rule 5450(b)(2)(C).
The notice does not immediately affect the trading of Vast Renewables' ordinary shares, which will continue to be listed on Nasdaq under the ticker symbol VSTE. To regain compliance, the company's MVPHS must close at or above the $15M threshold for at least ten consecutive business days within the 180-day period given, which ends on August 7, 2024.
If Vast Renewables fails to meet the MVPHS requirement by the deadline, it risks receiving a delisting notification from Nasdaq. The company is currently exploring options to regain compliance, but there is no certainty that it will achieve this in the allotted timeframe. If unsuccessful, its securities may be removed from the Nasdaq exchange.
Vast Renewables specializes in CSP systems that provide carbon-free, utility-scale electricity, industrial heat, and the production of green fuels. The company employs a proprietary, modular sodium loop in its CSP v3.0 technology to efficiently harness and convert solar heat into energy.
The company made its debut on Nasdaq on December 19, 2023, with its headquarters remaining in Australia. Despite the current challenge with the stock market listing, Vast Renewables continues its operations in the renewable energy sector.
This article is based on a press release statement from Vast Renewables Limited. It is important to note that the company's forward-looking statements regarding its ability to regain and maintain Nasdaq listing requirements are subject to a variety of risks and uncertainties, many of which are beyond the company's control. These include general market conditions, the execution of its business plan, and potential regulatory proceedings, among others.
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