FREMONT, CA - Amprius Technologies, Inc. (NYSE:AMPX), a manufacturer in the miscellaneous electrical machinery, equipment, and supplies industry, announced Monday (NASDAQ:MNDY) that it has regained compliance with the New York Stock Exchange's continued listing standards.
The company, headquartered in Fremont, California, had previously received a notice from the NYSE on September 19, 2024, indicating that its common stock did not meet the minimum average closing price of $1.00 required over a consecutive 30 trading-day period, as stipulated by Section 802.01C of the NYSE Listed Company Manual.
Following this notification, Amprius Technologies was given a period of six months or until its next annual meeting, whichever came later, to address the price deficiency. On November 1, 2024, the company received confirmation from the NYSE that it had successfully raised its stock price above the $1.00 threshold, thereby achieving compliance with the listing criteria.
The company's common stock (AMPX) and associated redeemable warrants (AMPX.W) are both traded on the New York Stock Exchange. As an emerging growth company, Amprius Technologies has been working to establish itself within the electrical equipment sector.
This announcement is based on a press release statement and serves as an update to Amprius Technologies' financial and regulatory status as it continues operations in the dynamic electrical machinery market.
In other recent news, Amprius Technologies reported a 105% year-over-year increase in its second-quarter revenue, reaching $3.3 million, despite a net loss of $12.5 million due to preconstruction costs and increased operating expenses.
Financial firms Oppenheimer and Truist Securities have shown confidence in Amprius, with Oppenheimer maintaining its Outperform rating and Truist raising its price target. Amprius has secured sales agreements exceeding $20 million for light-duty vehicle applications, expected to be fulfilled by mid-2025.
Additionally, the company has entered into a development contract with a Fortune 500 company to create a high-energy SiMaxx™ pouch cell.
Significant changes have occurred in the company's corporate structure and leadership, with Amprius Holdings dissolving and distributing over 57 million shares of common stock.
These are the recent developments for Amprius Technologies.
InvestingPro Insights
While Amprius Technologies has regained compliance with NYSE listing standards, InvestingPro data reveals some challenges and opportunities for the company. As of the latest data, AMPX's market capitalization stands at $125.95 million, with a revenue of $12.42 million for the last twelve months as of Q2 2024. Notably, the company has experienced significant revenue growth, with a 216.99% increase over the same period.
However, InvestingPro Tips highlight that AMPX is "quickly burning through cash" and "suffers from weak gross profit margins." This is reflected in the negative gross profit of $19.1 million and an operating income of -$42.13 million for the last twelve months. These figures underscore the financial challenges the company faces as it strives to establish itself in the electrical equipment sector.
On a positive note, an InvestingPro Tip indicates that AMPX "holds more cash than debt on its balance sheet," which could provide some financial flexibility as the company navigates its growth phase. Additionally, "analysts anticipate sales growth in the current year," suggesting potential for improvement in the company's financial position.
Investors should be aware that AMPX's stock "generally trades with high price volatility," as noted by another InvestingPro Tip. This is evident in the significant price movements over various timeframes, including a -20.67% return over the past week and a -77.5% return year-to-date.
For those interested in a more comprehensive analysis, InvestingPro offers 17 additional tips for AMPX, providing a deeper understanding of the company's financial health and market position.
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