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Eclipse Resources Out of NYSE Compliance; Plans Reverse Stock Split
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Eclipse Resources received notice on January 11, 2019 that it had fallen below the NYSE's continued listing standard related to the closing price of its common stock.
The NYSE requires that the average closing price of a listed company's common stock be no less than $1.00 per share over a consecutive 30 trading-day period.
As has been previously announced, in connection with the acquisition of Blue Ridge Mountain Resources, Inc., the Company will effect a 15-to-1 reverse stock split immediately prior to the closing of the transaction. The Company anticipates that the reverse stock split will return the Company to compliance with the NYSE's share price requirements.
The acquisition of Blue Ridge is expected to close during the first quarter of 2019.
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