After 30 days of a share price averaging less than a dollar, Vancouver fitness equipment company Nautilus, Inc. is in danger of being delisted from the New York Stock Exchange.
The BowFlex parent company was notified Sept. 21 that its stock is not in compliance with the New York Stock Exchange’s listing standards.
To continue to be traded on the exchange, listed companies are required to maintain an average share price of at least $1. Nautilus’s stock has averaged under that for 30 consecutive trading days. The company has six months to get its share price back into compliance.
Over the past five years, the fitness equipment’s stock has been on a roller coaster. Nautilus trades on the New York Stock Exchange as NLS. Its stock closed Wednesday at 70 cents per share, a recent low for the Vancouver company. When at-home fitness was booming during the pandemic, Nautilus’s share price peaked at $29.53 in Feb. 2021.
The company was founded in 1986 and began publicly trading on the New York Stock Exchange in May 1999.
“The entire fitness industry is facing operational challenges,” a spokesperson for Nautilus said Wednesday.
A company spokesperson praised the company’s leadership, innovation and excellence, adding the company has “taken strong action to return the company to profitability.
Nautilus has “recently solidified its liquidity position, strengthened its balance sheet and is executing on a long-term strategy. We are well-positioned to navigate current market conditions,” the spokesperson said.