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Tuesday, November 29, 2022

Quanergy (OTC: QNGY) Big Move Northbound as LiDAR Innovator Announces It Intends to Appeal its NYSE Delisting

Quanergy (OTC: QNGY) is making an explosive move up the charts since reversing off $0.221 lows earlier this week and announcing the Company intends to appeal the decision by the staff of NYSE Regulation on November 8, 2022 to delist the Company’s common stock for failing to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15,000,000. 

If QNGY stays on the OTC it will be a great addition; this is a busy growing Company putting out a lot of press with numbers more like a big board stock. Currently QNGY is trading at a $4.3 million market valuation and many investors would call this significantly undervalued considering the Company has $51 million in assets vs. $26 million in liabilities and $18 million in cash as of their last filing. Quanergy is guiding to Q3 2022 revenues of $1.75 – $2.5 million and full year 2022 revenues of $7.0 – $9.0 million. 

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Quanergy (OTC: QNGY) creates powerful, affordable smart LiDAR solutions for IoT and automotive applications to enhance people’s experiences and safety. Through Quanergy’s smart LiDAR solutions, businesses can now leverage real-time, advanced 3D insights to transform their operations in a variety of industries including industrial automation, physical security, smart cities, smart spaces and much more. Quanergy’s smart perception 3D LiDAR solutions solve some of the most challenging applications in five primary areas: smart cities and spaces, physical security, mapping, industrial automation, and transportation. The Company serves more than 30 industry verticals, helping our customers improve safety, efficiency, and performance, while reducing costs.

QORTEX DTC™ (Detect, Track, Classify), the brains of Quanergy’s Flow Management Platform enables reliable and real-time tracking of people and vehicles for security, smart space, and smart city applications. QORTEX DTC™ generates rich data that includes location, direction, speed, and type of objects detected. Through its API, end-users, system integrators, and application developers can build powerful analytics and business intelligence tools to monitor and automate critical processes such as reducing traffic accidents, protecting the sensitive environments, and increasing efficiency in retail environments.  

In August Quanergy announced financial results for the three months ended June 30, 2022. Revenue for the second quarter of 2022 totaled $1.2 million, compared with $905 thousand in the same period of 2021, representing year-over-year growth of 31%. The conversion of bookings to revenue during the quarter was constrained primarily by the ramping of the company’s manufacturing capacity and the timing of certain bookings that were received late in the quarter. As of June 30, 2022, the Company had $18.8 million in cash, cash equivalents and restricted cash on its balance sheet. During the second quarter, $9.9 million was drawn from the GEM share subscription facility leaving $115 million outstanding under the facility. The Company reported a Second quarter GAAP net loss of $25.7 million compared to $20.5 million in the second quarter of 2021.

Earlier this week Quanergy announced it will release its third quarter financial results for the period ended September 30, 2022, on Monday, November 14, 2022 after the financial markets close. Management will also host a conference call that same day to discuss its results and business outlook at 4:30 p.m. Eastern time. The call will be accessible by telephone by calling 412-317-6060 and entering access code 10173300. The call will also be available live via webcast on the Company’s website here.

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QNGY

On November 11 the Company announced it intends to appeal the decision by the staff of NYSE Regulation on November 8, 2022 to commence proceedings to delist the Company’s common stock (NYSE:QNGY) and the Company’s warrants to purchase common stock (NYSE:QNGY WS). NYSE Regulation reached its decision to delist these securities pursuant to Section 802.01B of the NYSE’s Listed Company Manual because the Company had fallen below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15,000,000. 

Trading in these securities was suspended on the NYSE after the market close on November 8, 2022. As of November 9, 2022, the common stock and warrants have been traded in the over-the-counter (“OTC”) market under the ticker symbols QNGY and QNGYW, respectively. The Company plans to appeal the decision by the staff of NYSE Regulation to a Committee of the Board of Directors of the NYSE (the “Committee”), in accordance with Section 804.00 of the NYSE’s Listed Company Manual. 

This is a change of course for the Company which stated in their press release earlier in the week: “The Company does not intend to appeal the delisting determination.” they also stated: “the staff of NYSE Regulation has determined to commence proceedings to delist the Company’s common stock (NYSE:QNGY) and the Company’s warrants to purchase common stock (NYSE:QNGY WS). Trading in these securities was suspended after the market close on the NYSE on November 8, 2022. NYSE Regulation reached its decision to delist these securities pursuant to Section 802.01B of the NYSE’s Listed Company Manual because the Company had fallen below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15,000,000. 

https://twitter.com/MrAddis3/status/1591147585498189839

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Currently trading at an $4.3 million market valuation QNGY OS is 16,164,406 shares. The Company has $51 million in assets vs. $26 million in liabilities and $18 million in cash as of their last filing. Quanergy is guiding to Q3 2022 revenues of $1.75 – $2.5 million and full year 2022 revenues of $7.0 – $9.0 million. The Company is very busy recently partnering with PARIFEX on the first 3D LiDAR-based highway monitoring and enforcement system. We all know how these big boards can run once trading on the pink sheets and QNGY has a whole lot of potential; while there are currently millions of shares coming into the market, once they have been absorbed QNGY could make a really big move fueled by a massive short covering rally. QNGY has all the markings of a potential massive runner in the future.  We will be updating on QNGY when more details emerge so make sure you are subscribed to Microcapdaily.

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Disclosure: we hold no position in QNGY either long or short and we have not been compensated for this article

 

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