In June 2023, Tupperware Brands Corp (NYSE: TUP) received a non-compliance notice from the NYSE, which cited its inability to trade above $1 per share for 30 consecutive days. On October 3rd, Tupperware reported that it had been granted a requested extension. One week after the company confirmed the extension, TUP stock is performing well.
Per the filing: “On October 3, 2023 the Company received approval of its Extension Request from the NYSE’s Listings Operations Committee, subject to reassessment on an ongoing basis. In connection with the approval of the Extension Request, NYSE has stated that it is prepared to continue the listing of the Company at this time and will closely monitor the Company’s progress of the Delayed Filings with the milestones and timing outlined in the Extension Request. Failure to achieve these interim milestones could result in accelerated trading suspension prior to the end of six month cure period on March 31, 2024.”
This gives Tupperware an additional six months to regain compliance and reassure investors. In August 2023, the company did take a step toward this when they restructured their debt.