Houston-based oil and fuel firm Vaalco Energy has obtained a continued itemizing warning from the New York Stock Exchange (NYSE), giving Vaalco till the top of the yr to regain compliance.
According to Vaalco’s assertion from final Friday, the corporate was notified by the NYSE that the worth of the corporate’s frequent inventory had fallen under the NYSE’s continued itemizing requirements.
The NYSE requires that the typical closing value of a listed firm’s frequent inventory not be lower than $1 per share for a interval of over 30 consecutive buying and selling days.
Under the NYSE guidelines, Vaalco can regain compliance if on the final buying and selling day in any calendar month the frequent inventory has a closing value of no less than $1 per share and a median closing value of no less than $1 per share over the 30 consecutive trading-day interval ending on the final buying and selling day of such month.
As required by the NYSE, the corporate plans to inform the NYSE of its intent to remedy the deficiency and restore its compliance with the NYSE continued itemizing requirements.
The firm stated it was dedicated to working with the NYSE to regain compliance and keep the itemizing of its frequent inventory.
The firm has till 1 January 2021 to regain compliance with the NYSE’s continued itemizing requirements below lately adopted guidelines by the NYSE that let listed corporations further time to regain compliance because of the present financial atmosphere.
Another U.S. oil and fuel firm has additionally lately obtained the NYSE itemizing warning.
In addition, the NYSE itemizing of a number of offshore drilling contractors can also be in danger, together with Noble Corporation, Seadrill, Pacific Drilling, and Valaris.
The put up NYSE itemizing warning for Vaalco Energy appeared first on Offshore Energy.