Allbirds receives notice of suspension from the New York Stock Exchange

The New York Stock Exchange is looking at Allbirds. The New Zealand, San Francisco-based company has received notice of the suspension of its Nasdaq listingthe regulator of the New York Stock Exchange, for not adhering to the minimum price for its shares, according to a statement issued by the shoe company.

In this senseAllbirds common stock has remained below $1 for thirty consecutive days, which is why the regulator has warned the companywhich has six months to correct and redeem the minimum required price of $1 or more for a period of at least ten consecutive business days.

The New Zealand company has 180 days from the date of notice, or until 30 September 2024, to restore compliance with minimum bid price requirements. However, if the company does not regain compliance within the 180-day period, Allbirds may be eligible for an additional 180-day period to regain compliance.

The company, which appointed a new CEO in March after its losses rose to $152 million in 2023announced that it “intends to actively monitor the offering price of its Class A common stock and restore compliance with ongoing listing requirements, but no decision has been made regarding a response at this time.”

Allbirds named Joe Vernaccio as new CEO in March after its losses rose to $152 million in 2023.

The company specializing in sports shoes collects red numbers. Allbirds shut down the first half of 2023 (the period ending June 30) again, cutting its turnover and increasing its losses once again.

Group sales during the period amounted to $124.8 million, a decrease of 11%. From the registered company in the same period of 2022. The group's red numbers amounted to $64.1 million against losses of $51.2 million in the first half of 2022.

In the second quarter of 2023 alone, the company ended the period with sales of $70.4 million, an 11% decrease compared to the second quarter of the previous year. but, Allbirds managed to narrow its losses slightly during the second quarter, to 1%.

In 2022, Allbirds increased its losses to $101 million after reporting red numbers of $45 million the previous year.. Additionally, the company ended fiscal 2022 with sales of $297 million, compared to the company's plans to close the year with sales of $305 million. By 2023, the company plans to reduce growth in stores and change its distribution model.