Accendra Health still not in compliance with continued listing standards, NYSE says

RICHMOND, Va. – Accendra Health has been notified by the New York Stock Exchange (NYSE) that it is not in compliance with continued listing standards requiring the company to have an average market capitalization of not less than $50 million over a consecutive 30 trading-day period and stockholder equity of not less than $50 million.

The notice does not result in the immediate delisting of the company’s Class A common stock from the NYSE.

Accendra Health says it intends to respond to the NYSE within 10 business days of receipt of the Oct. 27 notice affirming its intent to submit a business plan. The company has a period of 45 calendar days following receipt of the notice to submit a business plan that demonstrates how it intends to regain compliance with Section 802.01B within 18 months of receipt of the notice.

The NYSE will review the business plan and, if accepted, the company will be subject to quarterly monitoring.

Accendra Health also recently announced that it has executed an amendment to its receivables purchase agreement, extending the scheduled termination date of the facility to October 2029. The $150 million size of the program is unchanged.

“We are pleased to have worked with our banking partner to extend the receivables sale program until October of 2029,” said Jonathan Leon, executive vice president and CFO of Accendra Health. “The facility size remains unchanged, further ensuring the company’s liquidity strength, and we believe that this continued partnership demonstrates the strength of our accounts receivable portfolio and processes.”

Related reading:

• Accendra Health was previously notified by the NYSE in early October that is not in compliance with continued listing standards because the average closing price of the company’s Class A common stock was less than $1.00 per share over a consecutive 30 trading-day period.
• Accendra Health names new CEO.