BETHESDA, Md. (News release) -- Enviva Inc. received a notice from the New York Stock Exchange on April 2, 2024, regarding its non-compliance caused by a delay in filing its 2023 Annual Report. The company has a six-month window to correct this and maintain its stock listing.

In light of recent challenges, including a voluntary Chapter 11 filing, Enviva Inc. found itself unable to submit its Annual Report on Form 10-K for the year ending December 31, 2023, on time. This delay prompted a non-compliance notice from the NYSE, citing a breach of its Listing Company Manual's Section 802.01E. However, this development doesn't immediately affect Enviva's stock listing on the exchange.

Enviva has until October 1, 2024, to file the delayed report and regain compliance, with a potential extension available. The delay is attributed to the need for Bankruptcy Court approval for audit services, amidst the company's focused efforts on navigating its Chapter 11 Cases. Despite these hurdles, Enviva is committed to resolving the filing delay within the allotted six-month period, although it acknowledges the uncertainty of this outcome.

Enviva's difficulties emerged after a phase of notable success amid the pandemic and last year's European energy crisis. The company's strategy to buy wood pellets speculatively aiming for profitable resale failed, resulting in a significant discrepancy in asset valuation. According to a securities filing in November, Enviva encountered a possible loss of $139.4 million on 800,000 metric tons of wood pellets, as their market value was considerably less than the acquisition cost.

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