Energy Vault faces NYSE non-compliance notice on September 13, 2024

On September 13, 2024, Energy Vault Holdings, Inc. received a notice from the New York Stock Exchange regarding non-compliance with its continued listing standards. The notice indicated that the average closing price of Energy Vault's common stock had fallen below $1.00 over a consecutive 30 trading-day period. This situation necessitates that the company take action to regain compliance within a six-month timeframe. To address this deficiency, Energy Vault plans to inform the NYSE of its intent to cure the stock price issue by September 27, 2024. The company is considering various alternatives, which may require stockholder approval at its next annual meeting. If the stock price exceeds $1.00 per share and remains above that level for at least 30 trading days, the price condition will be deemed cured under NYSE rules. Despite the non-compliance notice, Energy Vault's common stock will continue to be listed and traded on the NYSE during this cure period, provided the company adheres to other continued listing standards. The company is known for its innovative energy storage solutions, which include gravity-based storage, battery storage, and green hydrogen technologies, aimed at transforming sustainable energy storage. The situation highlights the challenges faced by Energy Vault in maintaining its stock price amid market fluctuations. The company's proactive approach to addressing the NYSE's concerns reflects its commitment to compliance and operational stability, which is crucial for its ongoing business and investor confidence.