U.S-based oil and gas company, Vaalco Energy has received a continued listing warning from the New York Stock Exchange (NYSE), giving Vaalco until the end of the year to regain compliance.
According to Vaalco, the company was notified by the NYSE that the price of the company’s common stock had fallen below the NYSE’s continued listing standards.
The NYSE requires that the average closing price of a listed company’s common stock should not be less than $1 per share for a period of over 30 consecutive trading days.
Under the NYSE rules, Vaalco can regain compliance if on the last trading day in any calendar month the common stock has a closing price of at least $1 per share and an average closing price of at least $1 per share over the 30 consecutive trading-day period ending on the last trading day of such month.
As required by the NYSE, the company plans to notify the NYSE of its intent to cure the deficiency and restore its compliance with the NYSE continued listing standards.
The company said it was committed to working with the NYSE to regain compliance and maintain the listing of its common stock.
The company has until 1 January 2021 to regain compliance with the NYSE’s continued listing standards under recently adopted rules by the NYSE that permit listed companies additional time to regain compliance due to the current economic environment.
Another U.S. oil and gas company has also recently received the NYSE listing warning.
In addition, the NYSE listing of several offshore drilling contractors is also at risk, including Noble Corporation, Seadrill, Pacific Drilling, and Valaris.
Source:www.energynewsafrica.com