TUP Stock Alert: NYSE Grants Tupperware’s Compliance Extension Request

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TUP Stock Alert: NYSE Grants Tupperware’s Compliance Extension Request

InvestorPlace2023-10-11

Meme stock Tupperware Brands (TUP) is struggling, but it isn’t dead yet.The company has been granted an extension to regain compliance with the NYSE.Shares were up on Tuesday, but this doesn’t ...

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The company known for producing kitchen storage containers has been struggling lately. The meme stock momentum that pushed it to noteworthy highs in July 2023 has since run out. But TUP stock may have been granted the lifeline it needs to continue trading on the New York Stock Exchange.In June 2023, Tupperware received a non-compliance notice from the NYSE, which cited its inability to trade above $1 per share for 30 consecutive days. The company filed for an extension to regain compliance, and this month, they received it. In an 8-K filing dated Oct. 3, Tupperware reported that it had been granted the requested extension.What’s Happening With TUP StockOne week after the company confirmed the extension, TUP stock is performing well though this week has brought some volatility. The former meme stock has struggled this month, trending downward as interest from retail investors declined. But this recent extension proves that TUP isn’t dead yet, no matter how much it has fallen. 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.”As it stands, Tupperware’s problems have been effectively paused. This gives it an additional six months to regain compliance and reassure investors that it has room to run. In August 2023, the company did take a step toward this when it restructured its debt. But given the way TUP stock has performed since the short squeeze ended, it’s hard to be too optimistic about its chances at a comeback.At its core, Tupperware still looks like an unstable meme stock. On top of that, it’s not even an exciting enough company for investors to want to follow it. This compliance extension will likely serve to delay the inevitable.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":6,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}