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Thursday, February 2, 2023

Why Did Rockley Photonics (RKLY) Stock Gain 67% Pre-Hours?

Despite the lack of any major news, Rockley Photonics Holdings Limited (NYSE: RKLY) is rising on the charts today, up 67.05% to trade at $0.2499 at the last check in premarket activity.

What is driving the pre-hours increase in RKLY stock then?

In order to give a more complete picture of the multinational medical technology firm, recent developments may be pointed to as the Rockley Photonics (RKLY) stock increased in the lack of recent news. Rockley Photonics has won $15.5 million ($12.9 million) from HMRC, the UK government’s tax division, for their fiscal 2020 R&D tax credit. RKLY submitted its R&D tax credit application for the fiscal year 2021 and anticipates submitting its fiscal year 2022 R&D tax credit application in 2023.

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RKLY also revealed last month that it had received a notice from the New York Stock Exchange (“NYSE”) on December 9, 2022, informing it that the company was in violation of the NYSE’s continued listing standards, which demand a minimum of $50 million in stockholders’ equity and an average market capitalization over a 30-day trading period.

With the exception of the ticker symbol continuing to include the additional designation “.BC” to indicate the status of its ordinary shares as being out of compliance with the NYSE continued listing standards, the notice has no immediate impact on the listing of RKLY’s common stock on the NYSE, subject to the Company complying with the NYSE’s other continued listing requirements. The NYSE may start processes to suspend and delist RKLY’s common stock if it is unable to recover compliance.

How will RKLY approach it?

Within ten business days of receiving the notice, Rockley Photonics (RKLY) intended to respond to the NYSE by stating its intention to do so by submitting a business plan to the NYSE within 45 days that outlines how the company intends to return to compliance with this sustained listing standard within 18 months of the notice’s date. When it achieves compliance once more, the “.BC” indication will be deleted.

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