MultiPlan Corporation (NYSE: MPLN) announced today that it has received a notice from the New York Stock Exchange (NYSE) on March 28, 2024. The notice, received on March 27, 2024, stated that the company was not in compliance with the continued listing standard as per Section 802.01C of the NYSE’s Listed Company Manual. This non-compliance was due to the average closing price of the company’s Class A Common Stock being less than $1.00 per share over a consecutive 30 trading-day period.
As per Section 802.01C, MultiPlan has a six-month period from the receipt of the notice to regain compliance with the minimum price criteria. The company plans to notify the NYSE within 10 business days of receiving the notice about its intent to cure the deficiency, which may include a reverse stock split, subject to approval by the Board of Directors and stockholders.
MultiPlan has the opportunity to regain compliance at any time during the six-month cure period by meeting specific share price criteria. The notice does not impact the listing of the Common Stock immediately, and the stock will continue to be listed and traded on the NYSE during this period, provided the company complies with other listing requirements.
The notice does not affect MultiPlan’s business operations, reporting obligations with the Securities and Exchange Commission, or its agreements. The company is focused on regaining compliance and ensuring the continued listing of its Common Stock on the NYSE while pursuing its Growth Plan and delivering shareholder value.
About MultiPlan
MultiPlan is dedicated to improving affordability, efficiency, and fairness in the US healthcare system. The company helps healthcare payors manage costs, enhance competitiveness, and drive positive change through innovative solutions tailored to customer needs. Leveraging advanced technology, data analytics, and industry expertise, MultiPlan serves over 700 healthcare payors, brokers, employers, and groups across commercial health, government, and property and casualty markets.
