Vince Holding hit with noncompliance notice from NYSE
Vince SS21 Credits: ©Launchmetrics/spotlight. US retail company Vince Holding Corp. has been issued with a noncompliance notice from the New York Stock Exchange (NYSE) after its market capitalisation fell below the listing standards. In a regulatory filing, Vince said it did not, at this moment, satisfy NYSE’s continued listing standard, which requires the company’s 30-day trading day average market capitalisation to be at least 50 million dollars and its stockholders’ equity to be at least 50 million dollars. As of May 5, the day prior to the notice being issued, Vince’s market capitalisation was at around 22.6 million dollars, while its last reported stockholders’ equity, as of February 1, was approximately 41.8 million dollars. Vince now has 45 days from receipt of the notice to submit to the stock exchange a business plan that shows its compliance with the NYSE Listed Company Manual, a deadline the company said it anticipates to meet. This will then be reviewed and either accepted, subjecting the company to quarterly monitoring to ensure compliance with the plan, or rejected, meaning Vince may be subject to suspension and delisting proceedings. The news comes despite a disappointing period for Vince, which swung into the red during the year ended February 1, 2025, reporting a net loss of 19 million dollars, compared to a net income of 25.4 million dollars in the year prior. This was despite a marginal increase in yearly sales of 0.2 percent, and an improvement on its gross profit to 145.2 million dollars.
US retail company Vince Holding Corp. has been issued with a noncompliance notice from the New York Stock Exchange (NYSE) after its market capitalisation fell below the listing standards.
In a regulatory filing, Vince said it did not, at this moment, satisfy NYSE’s continued listing standard, which requires the company’s 30-day trading day average market capitalisation to be at least 50 million dollars and its stockholders’ equity to be at least 50 million dollars.
As of May 5, the day prior to the notice being issued, Vince’s market capitalisation was at around 22.6 million dollars, while its last reported stockholders’ equity, as of February 1, was approximately 41.8 million dollars.
Vince now has 45 days from receipt of the notice to submit to the stock exchange a business plan that shows its compliance with the NYSE Listed Company Manual, a deadline the company said it anticipates to meet.
This will then be reviewed and either accepted, subjecting the company to quarterly monitoring to ensure compliance with the plan, or rejected, meaning Vince may be subject to suspension and delisting proceedings.
The news comes despite a disappointing period for Vince, which swung into the red during the year ended February 1, 2025, reporting a net loss of 19 million dollars, compared to a net income of 25.4 million dollars in the year prior.
This was despite a marginal increase in yearly sales of 0.2 percent, and an improvement on its gross profit to 145.2 million dollars.
