Starry Group Holdings, Inc. (NYSE: STRY) inches down in pre trading session on Tuesday as the company announced that it and its lenders engaged into the ninth modification to the Amended and Restated Credit Agreement on December 13, 2022. Using an uncommitted accordion debt basket of further loans totaling up to $30 million, the Ninth Amendment allows for interim loan financing of more than $11 million.

Starry said on October 31, 2022, that it has retained PJT Partners to provide the Company and its Board of Directors with advice on mergers and acquisitions, capital rising, and balance sheet solutions. That procedure is still in progress.

Co-founder and CEO of Starry, Chet Kanojia stated that the macroeconomic situation continues to provide obstacles for firms trying to raises more funding, but they continue to stay confidence in their company and their ability to identify the best way ahead for their business. They appreciate their lenders extending temporary finance to them while they plan the company’s future.

Kanojia added, it’s important to remember that every house needs internet connectivity to function well. There is a lot of room for expansion in this industry because there isn’t any competition, especially as demand for high-quality and, most importantly, affordably priced internet access increases.

Starry Group (NYSE: STRY) Releases NYSE Has Commenced Delisting Proceedings

According to Section 802.01D of the NYSE Licensing Agreement, the New York Stock Exchange informed Starry Group Holdings, Inc. (NYSE: STRY), and publicly announced, that it has decided to begin proceedings to delist the Company’s Class A Common Stock and warrants to purchase shares of Class A Common Stock from the NYSE. Trading in the Class A Common Stock and warrants will be suspended immediately.

If the Company submits a written request for such review within seven calendar days of receiving the notification, it has the opportunity to contest this decision by the NYSE. The Board of Directors of the Company is now debating whether to challenge the NYSE’s decision to start the delisting process. In order to delist the Class A Common Stock and Warrants, the NYSE will submit an application to the Securities and Exchange Commission, subject to the successful completion of all necessary processes.

Additionally, on December 9, 2022, the NYSE notified the Company that it was in violation of Section 802.01B of the NYSE Listed Company Manual because its last reported stockholders’ equity was less than $50 million and its average global market capitalization over a string of 30 trading days was less than $50 million.