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What Caused The Boxed (BOXD) Stock To Rise In Early Trades Today?

After the commerce technology business Boxed Inc. (NYSE: BOXD) announced that it will be taking part in a key event, shares of the company were up 6.94% to trade at $0.3929 in early transactions at the time of our last check.

Where will BOXD take part in?

In an announcement, Boxed (BOXD) stated that it will attend the UBS Global TMT Conference in New York City. On Tuesday, December 6, 2022, at 12:30 PM ET, Boxed will conduct a fireside talk. On the “Events & Presentations” page of Boxed’s Investor Relations website, the fireside conversation will be broadcast live and archived for later viewing.

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BOXD was informed of listing compliance:

Boxed recently received a letter from the New York Stock Exchange (the “NYSE”) informing it that it is in violation of Section 802.01B of the NYSE Listed Company Manual because its last reported stockholders’ equity was less than $50 million and its average global market capitalization over a string of 30 trading days was less than $50 million.

By December 8, 2022, BOXD intends to inform the NYSE that it will submit a plan to correct the issue and be back in line with the NYSE continuing listing criteria. In accordance with NYSE regulations, BOXD has 45 days following receipt of the notice to submit a plan notifying the exchange of any concrete steps the company has taken or intends to take to comply with the minimum global market capitalization listing standard within 18 months of receiving the notice (the “Cure Period”)

By taking actions that are in the best interest of the Company and its investors, BOXD aims to prepare and submit a plan to bring it into compliance with the NYSE continuing listing criteria within the appropriate time period. After reviewing the plan, the NYSE will decide within 45 days of receiving it whether the Company has adequately demonstrated its capacity to adhere to the pertinent criteria throughout the Cure Period.

Does the notice affect the BOXD listing?

The listing of Boxed’s (BOXD) common stock is unaffected by the notification right away. The BOXD common stock will remain listed and trade on the NYSE throughout the Cure Period if the NYSE adopts the plan, provided that the Company complies with other NYSE continuing listing conditions and that the NYSE continues to periodically examine the Company’s progress with respect to its plan.