One trading day can make quite a difference in the life of a stock. This was well on display Monday with next-generation electric vehicle (EV) battery developer SES AI (SES 13.22%). The company's share price leaped more than 13% skyward on some good news with its stock listing. That advance was more than strong enough to crush the 1.5% increase of the bellwether S&P 500 index.
An electric announcement
SES AI disclosed in a regulatory filing Monday, no doubt with immense relief, that it received notice from the New York Stock Exchange that it had regained compliance with the bourse's listing requirement. Specifically, this mandates that a stock on the exchange must trade for about $1 per share for a 30-day period.
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In the tersely worded document, SES AI said NYSE informed the company on Friday, citing the 30-day stretch that ended on July 31.
Although SES AI is a relatively early-stage company, it has lately been drawing revenue and attracting notice for its cutting-edge battery solutions. However, the growth of EV sales isn't as robust as it once was, and the company has posted a string of bottom-line losses.
Growth by other means
Yet SES AI is also a company on the move; in recent days, it has shown an appetite for growing through acquisitions. It concluded a deal to purchase energy storage systems (ESS) developer UZ Energy for a price of around $25.5 million. That acquisition could prove to be rather complementary to its business, assuming it is integrated effectively and efficiently into its operations.
