LAKEWOOD, COLO. –After reporting several steps forward and steps back in recent months, General Moly, Inc., the company which is working toward developing a large molybdenum mine outside of Eureka, Nev., shared some negative news this week.
The company announced that on Sept. 12 it received a deficiency letter from the NYSE American stock exchange saying that pursuant to Section 1003(f)(v) of the NYSE American Company Guide, the company’s common stock has been selling for a low price per share for a substantial period of time. The letter states that the company must demonstrate an improved share price or effect a reverse stock split of its common stock by no later than March 12, 2020, in order to maintain the listing of the company’s common stock on the NYSE American.
General Moly said in a press release that it will continue to consider opportunities that are in the best interests of the company and its stockholders, with respect to specific measures regarding the continued listing of the company’s stock on the NYSE American. If the company is unable to regain compliance, the NYSE American will initiate procedures to suspend and delist the company’s common stock.
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In the interim, the company’s common stock continues to be listed on the NYSE American under the trading symbol “GMO,” subject to the company’s compliance with other continued listing requirements and subject to the trading price remaining above a required $0.06 minimum per share.
The NYSE American will add the designation of “BC” to indicate that the company is below compliance with the listing standards set forth in the Company Guide.
General Moly stated that the NYSE American notification of continued listing deficiency does not affect the company’s business operations or its reporting obligations under the Securities and Exchange Commission regulations.