10:33 AM EDT, 06/20/2024 (MT Newswires) -- Local Bounti ( LOCL ) said Thursday the New York Stock Exchange has notified the company that it has accepted its plan to regain compliance with listing requirements.

The NYSE gave Local Bounti ( LOCL ) 18 months from its receipt of the exchange's April 3 notice of noncompliance to regain compliance with the rules, the company said.

The NYSE's notice was sent because the company's average global market capitalization over a consecutive 30 trading-day period was below $50 million and its shareholders' equity was less than $50 million, Local Bounti ( LOCL ) said.

Local Bounti ( LOCL ) will be subject to quarterly reviews by the NYSE during the period for compliance with the objectives in the plan to regain compliance.

The company's shares were up 1.9% in recent trading.

Price: 2.65, Change: +0.05, Percent Change: +1.92