Offerpad Faces NYSE Non-Compliance for 30-Day Sub-$1 Average, Weighs Reverse Split
Offerpad’s Class A shares averaged below $1.00 over a consecutive 30 trading-day period, triggering a NYSE non-compliance notice under Section 802.01C. The company has six months to restore a $1.00 closing and 30-day average share price and is considering a reverse stock split subject to shareholder approval.
1. NYSE Non-Compliance Notice and Cure Period
Offerpad received a notice that its Class A common stock failed to meet Section 802.01C of the NYSE Listed Company Manual after trading below $1.00 on average for 30 consecutive days. The notice initiates a six-month cure period during which the stock must achieve at least a $1.00 closing price and a 30-day average of $1.00 on the last trading day of any calendar month to regain compliance.
2. Reverse Stock Split Consideration
To address the deficiency, Offerpad is evaluating alternatives, including a reverse stock split that would require stockholder approval at the next annual meeting. If the company opts for a split and the share price promptly exceeds $1.00, the price condition will be deemed cured once it remains above $1.00 for 30 trading days.
3. Continued Listing Status
Throughout the cure period, Offerpad’s Class A common stock will remain listed and continue trading on the NYSE, provided the company maintains compliance with other listing standards.