Tupperware Brands Corporation announced on June 7th that it received a notice from the New York Stock Exchange on June 1, 2023 indicating the Company is not in compliance with Sections 802.01B and 802.01C of the NYSE Listed Company Manual.
The reasons were because (i) the Company’s average global market capitalization over a consecutive 30 trading-day period was less than $50 million and, at the same time, its last reported stockholders’ equity was less than $50 million, and (ii) the average closing price of the Company’s common stock was less than $1.00 over a consecutive 30 trading-day period. The Notice has no immediate effect on the listing of the common stock on the NYSE, subject to the Company’s compliance with the NYSE’s other continued listing requirements.
Tupperware plans to notify the NYSE within 10 business days of its receipt of the Notice that it intends to bring the Company into compliance with these listing standards within the required cure periods.
Market Capitalization Standard
In accordance with applicable NYSE procedures related to Section 802.01B, the Company has 45 days from receipt of the Notice to submit a business plan advising the NYSE of the definitive action(s) the Company has taken or is taking to regain compliance with the listing standard, taking into consideration the additional stock price deficiency. If the NYSE approves the Company’s business plan, the Company’s shares will continue to be listed and traded on the NYSE during the 18-month cure period, subject to its compliance with other NYSE continued listing standards. The Company will be subject to quarterly monitoring by the NYSE for compliance with the business plan.
Stock Price Standard
Under Section 802.01C, the Company has six months following receipt of the Notice to regain compliance with the listing standard. Compliance can be achieved if on the last trading day of any calendar month during the cure period (or the last trading day of the cure period) the Company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the prior 30 trading-day period.
Tupperware Brands is headquartered in the Orlando.
