KULR Technology Receives Acceptance of Compliance Plan by NYSE American
March 08 2024 - 7:30AM
KULR Technology Group, Inc. (NYSE American: KULR)
(the “Company” or “KULR”), a global leader in sustainable energy
management, received notification (the “Acceptance Letter”) from
NYSE American LLC (“NYSE American”) that the Company’s
previously-submitted plan (the “Plan”) to regain compliance with
NYSE American’s listing standards was accepted. In the Acceptance
Letter, the NYSE American granted the Company a plan period through
June 20, 2025 to regain compliance with the continued listing
standards.
As previously reported, on December 20, 2023, the
Company received a letter from the NYSE American stating that the
Company’s stockholders’ equity as reported in its Quarterly Report
on Form 10-Q for the quarter ended September 30, 2023 was not in
compliance with the NYSE American’s continued listing standards
under Sections 1003(a)(i), (ii) and (iii) of the NYSE American
Company Guide (the “Company Guide”). Section 1003(a)(iii) of the
Company Guide requires a listed company to have stockholders’
equity of $6 million or more if the listed company has reported
losses from continuing operations and/or net losses in its five
most recent fiscal years. The Company reported a stockholders’
equity of $1.2 million as of September 30, 2023, and has reported
losses from continuing operations and/or net losses in its five
most recent fiscal years ended December 31, 2022.
During the plan period, the Company will be subject
to quarterly review to determine if it is making progress
consistent with the Plan. If the Company does not regain compliance
with the NYSE American listing standards by June 20, 2025, or if
the Company does not make sufficient progress consistent with the
Plan, then the NYSE American may initiate delisting
proceedings.
The Company’s stock will continue to be listed on
the NYSE American during the plan period. The Company’s receipt of
such notification from the NYSE American does not affect the
Company’s business, operations or reporting requirements with the
U.S. Securities and Exchange Commission.
About KULR Technology Group
Inc.KULR Technology Group Inc. (NYSE American: KULR) is a
leading energy management platform company offering proven
solutions that play a critical role in accelerating the
electrification of the circular economy. Leveraging a foundation in
developing, manufacturing, and licensing next-generation carbon
fiber thermal management technologies for batteries and electronic
systems, KULR has evolved its holistic suite of products and
services to enable its customers across disciplines to operate with
efficiency and sustainability in mind. For more information, please
visit www.kulrtechnology.com.
Safe Harbor StatementThis press
release does not constitute an offer to sell or a solicitation of
offers to buy any securities of any entity. This release contains
certain forward-looking statements based on our current
expectations, forecasts and assumptions that involve risks and
uncertainties. Forward-looking statements in this release are based
on information available to us as of the date hereof. Our actual
results may differ materially from those stated or implied in such
forward-looking statements, due to risks and uncertainties
associated with our business, which include the risk factors
disclosed in our Form 10-K filed with the Securities and Exchange
Commission on March 28, 2023, as may be amended or supplemented by
other reports we file with the Securities and Exchange Commission
from time to time. Forward-looking statements include statements
regarding our expectations, beliefs, intentions, or strategies
regarding the future and can be identified by forward-looking words
such as “anticipate,” “believe,” “could,” “estimate,” “expect,”
“intend,” “may,” “should,” and “would” or similar words. All
forecasts are provided by management in this release are based on
information available at this time and management expects that
internal projections and expectations may change over time. In
addition, the forecasts are entirely on management’s best estimate
of our future financial performance given our current contracts,
current backlog of opportunities and conversations with new and
existing customers about our products and services. We assume no
obligation to update the information included in this press
release, whether as a result of new information, future events or
otherwise.
Investor Relations:KULR Technology
Group, Inc.Phone: 858-866-8478 x 847Email:
ir@kulrtechnology.com
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