Stem receives continue listing standard notice from NYSE

Stem announced that, on August 28, 2024, it had received a written notice from the New York Stock Exchange that the average closing price of its shares of common stock had fallen below $1.00 per share over a period of 30 consecutive trading days, which is the minimum average closing price required to maintain continued listing on the NYSE. Stem will respond to the NYSE within 10 business days of receipt of the notice regarding its intent to cure the deficiency and return to compliance with the NYSE continued listing requirements. Under the NYSE’s rules, the cure period extends for six months following receipt of the notice. The company’s shares of common stock continue to trade on the NYSE, subject to compliance with other continued listing requirements. Under the NYSE’s rules, Stem can regain compliance at any time during the six-month cure period if, on the last trading day of any calendar month during the cure period, its common stock has a closing share price of at least $1.00 per share and an average closing price of at least $1.00 per share over the 30-trading-day period ending on the last trading day of such month. Failure to satisfy the conditions of the cure period or to maintain other listing requirements could lead to a delisting. The NYSE’s notice does not affect Stem’s business operations or its reporting obligations with the SEC, and does not conflict with or cause an event of default under any of Stem’s material debt or other agreements.