Bright Health Group has been warned by the New York Stock Exchange that it might be delisted after the company's average closing price fell below the $1 per share threshold, the Star Tribune reported Dec. 12.
The payer received the notice after its average stock price failed to meet the threshold for the 30-day trading period that ended Dec. 2, according to the report. It has six months to regain compliance from the receipt of the Dec. 6 notice.
The company went public in June 2021 at $18 per share, according to the report. The stock has since lost 95 percent of its value. On Dec. 12, the stock closed at 87 cents a share.
Bright Health said in a statement that it "intends to consider available alternatives, including, but not limited to, a reverse stock split, subject to stockholder approval no later than at the company's next annual meeting of stockholders, if necessary, to regain compliance," according to the report.