Finance & Investing | Capital Markets

After Bankruptcy Filing, Emerald Oil Stock Delisted from NYSE

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Emerald Oil, Inc. reported that the Company received notice from the NYSE MKT Exchange that the NYSE MKT has determined to commence proceedings to delist the common stock of the Company -- ticker symbol EOX -- from the NYSE MKT. 

This comes shortly after Emerald announced that it filed for bankruptcy on March 23, 2016.

Trading in the Company's common stock was suspended at the market opening on March 23, 2016.

NYSE MKT has indicated that it will begin delisting proceedings pursuant to Section 1003(a)(iv) of the NYSE MKT Company Guide, citing the Company's March 23, 2016 announcement of its voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware. 

The Company has a right to a review of the NYSE MKT's determination. The NYSE MKT will apply to the Securities and Exchange Commission to delist the common stock upon completion of all applicable procedures, including any appeal by the Company of the decision. The Company does not intend to appeal the determination and, therefore, it is expected the Company's common stock will be delisted.

As a result of the delisting notice, the Company's common stock is currently trading on the OTC Pink Sheets marketplace under the symbol EOXLQ. The Company can provide no assurance that its common stock will continue to trade on this market, whether broker-dealers will continue to agree to provide public quotes of the Company's common stock on this market, whether the trading volume of the Company's common stock will be sufficient to provide for an efficient trading market or whether quotes for the Company's common stock will continue on this market in the future.