U.S.-based oil and gasoline firm Kosmos Energy has been given a continued itemizing normal discover from the New York Stock Exchange (NYSE).
Kosmos mentioned on Thursday that it had acquired a proper discover from the NYSE on 20 April 2020 as a result of the typical closing value of the corporate’s frequent inventory was beneath $1 per share over a 30-consecutive buying and selling day interval, which is the minimal common share value required to keep up the itemizing on the NYSE.
The firm has notified the NYSE of its intention to return to
compliance with the NYSE itemizing necessities throughout the six-month treatment interval.
Under the NYSE guidelines, Kosmos can regain compliance at any time through the six-month treatment interval if, on the final buying and selling day of any calendar month through the treatment interval, its frequent inventory has a closing share value of not less than $1 and a median closing share value of not less than $1.00 over the 30 trading-day interval ending on the final buying and selling day of that month.
According to the corporate, it’s contemplating choices to regain
compliance one in every of which can embody a reverse inventory break up, if obligatory. During
the treatment interval, Kosmos’ shares of frequent inventory will proceed to commerce on the
Kosmos added that the NYSE notification had no impact on its ongoing
enterprise operations or its Securities and Exchange Commission reporting
necessities, nor did it set off any violation of its debt obligations.
Apart from the itemizing discover, Kosmos has made a number of noteworthy bulletins previously few weeks.
Namely, it acknowledged in mid-March that it had determined to cut back its capital and operational expenditures in addition to administrative prices, and droop the dividend in response to the present market value volatility.
Then, earlier this month, the corporate mentioned that the coronavirus impression on time-critical workstreams resulted within the delay of the Greater Tortue Ahmeyim LNG undertaking. Kosmos mentioned on the time that Phase 1 of the undertaking could be delayed by an anticipated twelve months with first gasoline from the undertaking now anticipated within the first half of 2023.
Kosmos is just not the primary firm to get a list discover from NYSE because the finish of 2019.
Before Kosmos, notices got to firms reminiscent of McDermott, Noble Corporation, Seadrill, Pacific Drilling, and Valaris.
The publish Kosmos Energy will get delisting warning from NYSE appeared first on Offshore Energy.