Offerpad Receives Notice of Non-Compliance with NYSE Trading Share Price Listing Rule
November 18 2022 - 04:30PM
Business Wire
Offerpad Solutions Inc. (“Offerpad” or the “Company”)
(NYSE:OPAD), a leading tech-enabled platform for residential real
estate, today announced that it received notice from the New York
Stock Exchange (the “NYSE”) that it is not in compliance with
Section 802.01C of the NYSE Listed Company Manual because the
average closing price of the Company’s Class A common stock was
less than $1.00 over a consecutive 30 trading-day period. The
notice does not result in the immediate delisting of the Company’s
Class A common stock from the NYSE.
On November 16, 2022, the Company notified the NYSE that it
intends to cure the stock price deficiency and to return to
compliance with the NYSE continued listing standard. The Company
can regain compliance at any time within the six-month period
following receipt of the NYSE notice if on the last trading day of
any calendar month during the cure period the Company has a closing
share price of at least $1.00 and an average closing share price of
at least $1.00 over the 30 trading-day period ending on the last
trading day of that month. The Company intends to consider
available alternatives, including, but not limited to, a reverse
stock split, subject to stockholder approval no later than at the
Company’s next annual meeting of stockholders, if necessary to cure
the stock price non-compliance. Under the NYSE’s rules, if the
Company 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.
The Company’s Class A common stock will continue to be listed
and trade on the NYSE during this period, subject to the Company’s
compliance with other NYSE continued listing standards.
About Offerpad
Offerpad’s mission is to deliver the best home buying and
selling experience so you can spend less time ‘real estat-ing’ and
more time living. From cash offers and flexible listing options to
mortgages and buyer services, Offerpad has been helping homeowners
since 2015. We pair our local expertise in residential real estate
with proprietary technology to put you in control of the process
and help find the right solution that fits your needs. Visit
Offerpad.com for more information.
#OPAD_IR
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements express a belief, expectation or
intention and are generally accompanied by words that convey
projected future events or outcomes. For example, statements
regarding the Company’s intention to consider alternatives to cure
the NYSE continued listing requirement deficiency are
forward-looking statements. We have based these forward-looking
statements on our current expectations and assumptions and analyses
made by us in light of our experience and our perception of
historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate
under the circumstances. However, whether actual results and
developments will conform with our expectations and predictions is
subject to a number of risks and uncertainties, many of which are
beyond our control, including the Company’s ability to regain
compliance with the continued listing standards of the NYSE within
the applicable cure period, the Company’s ability to continue to
comply with applicable listing standards of the NYSE, and the other
factors set forth in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2021 filed with the Securities and
Exchange Commission (the “SEC”) on March 7, 2022, and the Company’s
other reports filed with the SEC. All of the forward-looking
statements made in this press release are qualified by these
cautionary statements. The actual results or developments
anticipated may not be realized or, even if substantially realized,
they may not have the expected consequences to or effects on our
Company or our business or operations. Such statements are not
guarantees of future performance and actual results or developments
may differ materially from those projected in the forward-looking
statements. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. The
Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20221118005047/en/
Investors Stefanie Layton Investors@offerpad.com
Media Press@Offerpad.com
Offerpad Solutions (NYSE:OPAD)
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