SUNNYVALE, Calif.–(BUSINESS WIRE)–June 21, 2022–
Quanergy Systems, Inc., (NYSE: QNGY) (“Quanergy” or the “Company”), a leading provider of LiDAR sensors and intelligent 3D solutions, today announced that it received notice on June 17, 2022 of the New York Stock Exchange (the “NYSE”) that the price of its common stock has fallen below the NYSE’s continuous listing standards. The NYSE requires that the average closing price of common stock of a publicly traded company remain above $1.00 per share over a consecutive 30 trading day period. As of June 16, 2022, the 30-day average closing price of the Company’s common stock was $0.85 per share. The Company has six months to comply with the NYSE continuous listing requirements. During the six-month period, the common stock of the Company will continue to be listed and traded on the NYSE, subject to compliance with other continuous listing standards. The deficiency does not affect the Company’s ongoing business operations or the reporting requirements of the United States Securities and Exchange Commission (the “SEC”).
To address this issue, Quanergy intends to monitor the price of its listed securities and take steps to increase the value of its shares through the implementation of its business strategy, and is considering other options to comply. NYSE Continuous Rating Standards.
About Quanergy Systems, Inc.
Quanergy’s (NYSE: QNGY and QNGY.WS) mission is to create powerful and affordable smart LiDAR solutions for automotive and IoT applications to improve people’s experience and safety. Quanergy has developed the only true 100% solid-state CMOS LiDAR sensor based on Optical Phased Array (OPA) technology to enable the mass production of low-cost, highly reliable 3D LiDAR solutions. With Quanergy’s intelligent LiDAR solutions, businesses can now leverage advanced real-time 3D information to transform their operations in a variety of industries including industrial automation, physical security, smart cities, smart spaces and more. Again. Quanergy solutions are deployed by nearly 400 customers worldwide. For more information, visit www.quanergy.com.
This press release contains certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally accompanied by words such as “believe”, “may”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “should”, “would”, “plan”, “predict”, “potential”, “seem”, “seek”, “future”, “prospects”, “project”, “probably will result” and similar expressions which predict or indicate future events or trends or which are not not statements of historical matters.All statements, other than statements of current or historical facts included in this press release, are forward-looking statements, including statements regarding Quanergy’s ability to recover the has compliance with NYSE Continuing Listing Standards. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are beyond Quanergy’s control and are difficult to predict. Factors that could cause such differences include, but are not limited to: changes in domestic and foreign business, commercial, financial, political and legal conditions; the overall level of consumer demand for Quanergy’s products; general economic conditions and other factors affecting consumer confidence, preferences and behavior; disruption and volatility in global currency, capital and credit markets; the ability to maintain the listing of Quanergy’s securities on the NYSE; the financial strength of Quanergy’s customers; Quanergy’s ability to implement its business strategy; changes in government regulations, Quanergy’s exposure to legal claims and other potential losses; disruptions and other impacts on Quanergy’s business, as a result of the global COVID-19 pandemic and government actions and restrictive measures implemented in response; the stability of supply chain disruptions to Quanergy’s suppliers, as well as consumer demand for its products, in light of disease outbreaks and health concerns such as the global COVID-19 pandemic; the impact that global climate change trends may have on Quanergy, its suppliers and customers; Quanergy’s ability to protect patents, trademarks and other intellectual property rights; any breach or disruption of Quanergy’s information systems; fluctuations in the price, availability and quality of electricity and other raw materials and contracted products as well as currency fluctuations; Quanergy’s ability to utilize potential net operating losses carried forward; changes in tax laws and obligations, tariffs, legal, regulatory, political and economic risks; and other risks and uncertainties set forth in Quanergy’s filings with the SEC. Further, forward-looking statements reflect Quanergy’s expectations, plans or forecasts regarding future events and views only as of the date of this press release. Quanergy anticipates that subsequent events and developments will cause its assessments to change. However, although Quanergy may choose to update these forward-looking statements at some time in the future, Quanergy expressly disclaims any obligation to do so, except as required by law.
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Shannon Van Every
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: AUTOMOBILE IOT (INTERNET OF THINGS) TECHNOLOGY OTHER AUTOMOTIVE OTHER TECHNOLOGY HARDWARE
SOURCE: Quanergy Systems, Inc.
Copyright BusinessWire 2022.
PUBLISHED: 06/21/2022 08:00 AM / DISK: 06/21/2022 08:03 AM
Copyright BusinessWire 2022.