Technology  October 19, 2023

NYSE delists Lightning eMotors; trading moved to OTC

Lightning eMotors fleet
A fleet of vehicles lines the parking lot outside Lightning eMotors’ headquarters in Loveland. Lightning occupies 250,000 square feet in the former Hewlett-Packard Co. campus. Christopher Wood/BizWest
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LOVELAND — The New York Stock Exchange has delisted Lightning eMotors Inc. (OTC: ZEVY), and the company is now traded on the over-the-counter market.

Over-the-counter trading involves securities not listed on a major exchange but are instead traded using a broker/dealer network, usually because the company does not meet the requirements of a national exchange. In Lightning’s case, its stock price fell below the $1 per share minimum that the NYSE requires. The company, which had been traded under the ZEV ticker, received a notice from the exchange in December; it had six months to come into compliance. It began trading on the New York exchange in May 2021.

Over the counter, it was being traded today at 46 cents a share. It showed revenue in the second quarter of the year, in the quarter ended June 30, of $7.92 million but was also showing a $21.45 million loss.

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The NYSE determined in September that Lightning’s stock would be delisted and trading was suspended. It also determined that the company was unable to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15 million.

The company had a right to a review of the decision. It was unclear if the company chose to take that route; a call to the company was not returned as of publication time.

LOVELAND — The New York Stock Exchange has delisted Lightning eMotors Inc. (OTC: ZEVY), and the company is now traded on the over-the-counter market.

Over-the-counter trading involves securities not listed on a major exchange but are instead traded using a broker/dealer network, usually because the company does not meet the requirements of a national exchange. In Lightning’s case, its stock price fell below the $1 per share minimum that the NYSE requires. The company, which had been traded under the ZEV ticker, received a notice from the exchange in December; it had six months to come into compliance. It began trading…

Ken Amundson is managing editor of BizWest. He has lived in Loveland and reported on issues in the region since 1987. Prior to Colorado, he reported and edited for news organizations in Minnesota and Iowa. He's a parent of two and grandparent of four, all of whom make their homes on the Front Range. A news junkie at heart, he also enjoys competitive sports, especially the Rapids.
Categories: Today's News Loveland Technology Lightning eMotors Inc.
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