NYSE Halts SES AI Warrant Trading, Begins Delisting
Exchange Compliance
Company Background
SES AI Corp. is a Boston-based battery developer founded in 2012, originally focused on lithium-metal cells for electric vehicles before pivoting in 2024–2025 to three commercial business units: energy storage systems (sold through its UZ Energy subsidiary), NDAA-compliant drone battery cells manufactured in Chungju, South Korea, and advanced materials discovered via its proprietary Molecular Universe AI platform. The company went public via SPAC and trades on the NYSE.
Revenue grew nearly ten-fold in 2025 to $21 million, largely from OEM service agreements with Honda and Hyundai that have since concluded, plus roughly three and a half months of UZ Energy contribution following its acquisition. For 2026, management has consistently guided for $30 million to $35 million in revenue, with first-half results of $11.8 million through June 30. The company posted a GAAP net loss of $30.0 million in the first half of 2026, with an accumulated deficit of $401.9 million as of June 30.
Despite the operating losses, SES AI exited the second quarter of 2026 with approximately $163 million in combined cash and short-term investments — a liquidity position management has described as sufficient to fund operations through the near term, with no mention of going-concern risk. The company's share count has grown to roughly 371 million combined Class A and Class B shares outstanding.
What Was Disclosed
On August 13, 2026, the NYSE notified SES AI that it had determined to commence proceedings to delist the company's public warrants, ticker symbol SES WS, and simultaneously suspended all trading in those warrants. The NYSE cited "abnormally low selling price" levels as the basis for the action, invoking Section 802.01D of the NYSE Listed Company Manual. To complete the delisting, the NYSE will apply to the Securities and Exchange Commission upon conclusion of all applicable procedures.