CannTrust Holdings said the New York Stock Exchange has notified the Canadian marijuana producer that its stock price had fallen below the $1-a-share threshold required to continue trading on the Big Board.
The Vaughan, Ontario-based company said in a news release it has six months to regain compliance.
In the meantime, CannTrust’s stock, which trades as CTST, will continue to list on the NYSE.
The announcement comes after the Toronto Stock Exchange (TSX) said it would delist CannTrust’s shares if the Ontario cannabis producer is unable to file relevant financial statements by March 25, 2020.
Under its rules, the NYSE requires the average closing price of a listed company’s common shares to be at least $1.00 per share over a period of 30 consecutive trading days.
CannTrust noted in the news release that, as of Dec. 9, the company’s 30 trading-day average closing price was 97 cents a share.
The Canadian company said it can regain compliance if its shares close at a minimum of $1.00 on the last trading day of any calendar month “and also have an average closing price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month or on the last day of the cure period.”