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Comstock Out of NYSE Compliance as Market Cap Falls
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Comstock Resources, Inc. announced that it received notification from the New York Stock Exchange of being below the NYSE's continued listing standards.
The Company is considered below criteria established by the NYSE as a result of the Company's average stock price trading below $1.00 per share and its average market capitalization being less than $50 million, in each case over a consecutive 30 trading-day period, and its last reported stockholders' equity was less than $50 million.
The Company will submit a plan to the NYSE to outline steps to be taken to cure the deficiency in its stock price and market capitalization. If the Company fails to cure its stock price deficiency within six months, or its market capitalization deficit within 18 months, it will be subject to suspension or delisting by the NYSE. The Company's stock will continue to trade on the NYSE pending acceptance by the NYSE of the Company's plan, in the event the NYSE does not accept the Company's plan, the Company will be subject to suspension by the NYSE and delisting procedures.
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