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Invitae Warned by NYSE of Noncompliance

NEW YORK – Invitae said on Friday after the close of market that it received a notice of noncompliance from the New York Stock Exchange as a result of its stock price closing below $1.00 per share for 30 consecutive days.

The San Francisco-based company said that the notification does not affect the company's business operations, and it does not conflict with any of the company's material debt or other agreements, nor does it cause or accelerate any default event under those agreements.

The company notified the NYSE that it intends to return to listing standards compliance within the required cure period, during which Invitae's common stock will continue to trade on the exchange subject to compliance with other continued listing requirements. 

Invitae has been undergoing a large restructuring, which includes eliminating several non-core businesses and geographies. The firm recently attributed an approximately 12 percent year-over-year drop in its second quarter revenues to its business changes and lowered its full-year revenue guidance.