Boxed Receives Delisting Warning From NYSE

Online retailer Boxed has received notice from the New York Stock Exchange (NYSE) that the company is currently out of compliance with exchange rules as its average global market capitalization was less than $50 million over a consecutive 30-day trading period.

In a company press release, Boxed said it will notify the NYSE by Dec. 8 that it intends to submit a plan to cure deficiency and return to compliance with its continued listing standards. 

Under NYSE rules, the company has 45 days from the receipt of the notice to submit a plan advising the NYSE of definitive action the Boxed has taken, or is taking, which would bring it into compliance with the minimum global market capitalization listing standard within 18 months of receipt of the notice. 

Company officials said they intend to develop and submit a plan to bring it into compliance with the NYSE continued listing standards within the required time frame by pursuing measures that are in the best interests of Boxed and its stockholders. 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 Cure Period.

The notice has no immediate impact on the listing of the company’s common stock. If the NYSE accepts the plan, Boxed common stock will continue to be listed and traded on the NYSE, subject to the company’s compliance with other NYSE continued listing standards and continued periodic review by the NYSE of the Company’s progress with respect to its plan. If the plan is not submitted on a timely basis or is not accepted by the NYSE, the NYSE could initiate delisting proceedings