NYSE delists Lightning eMotors; trading moved to OTC

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.