Enviva Inc., the world's largest producer of wood pellets, has been served with a notice from the New York Stock Exchange (NYSE) regarding non-compliance with the exchange's minimum share price requirement. The notification, received on January 23, 2024, highlights that Enviva's average closing share price has fallen below the NYSE's mandated threshold of $1.00 over a consecutive 30-trading-day period.
In response to the notice, Enviva outlined a potential path to regain compliance within a six-month cure period. To meet the NYSE's requirements, Enviva must achieve a closing share price of at least $1.00, alongside an average closing share price of $1.00 over a 30-trading-day period by the end of any calendar month within this timeframe. While the notice does not immediately impact the trading of Enviva's common stock, it introduces a ".BC" designation to the company's stock symbol, indicating its current non-compliance status with NYSE listing standards.
Enviva Inc.'s share price has experienced significant volatility, with a notable decline over the past year. As of January 29, 2024, the stock was trading at approximately $0.60, marking a slight increase from its previous close. This is a sharp decrease from its 52-week high of $48.68.
The company's shares began to fall after November 2023, when Enviva warned it may not be able to continue operating after losses surged. Enviva reported a loss of $85.2 million for the third quarter and began a comprehensive review of its debt structure.
