NYSE to Commence Delisting Proceedings Against ESS Tech, Inc. (GWH)

NEW YORK--(BUSINESS WIRE)--The New York Stock Exchange (“NYSE”, the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the common stock of ESS Tech, Inc. (the “Company”) — ticker symbol GWH — from the NYSE.

NYSE Regulation has determined that the Company’s common stock is no longer suitable for listing pursuant to Section 802.02 of the Listed Company Manual as the Company was unable to demonstrate that it had regained compliance with the applicable listing standard by the expiration of the maximum plan period. The Company had previously been deemed below compliance with the NYSE’s continued listing standard in Section 802.01B of the Listed Company Manual requiring listed companies to maintain either (i) at least $50 million in stockholders’ equity or (ii) at least $50 million in total market capitalization on a 30-trading day average basis.

The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange (the “Committee”). The NYSE will announce the date on which the Company’s common stock will be suspended from trading on the NYSE at such time as i) the Company does not request a review by the Committee within 10 business days of this notice, ii) the Company determines that it does not intend to appeal the delisting determination, iii) the subsequent review of the Committee determines that the trading in the Company’s common stock should be suspended, or iv) there are other material developments. After the suspension announcement, the NYSE would then apply to the Securities and Exchange Commission to delist the Company’s common stock.