Exploration & Production
GMX Resources Inc. Risk Being Delisted From NYSE
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GMX Resources Inc. reported that on June 20, 2012, the New York Stock Exchange (NYSE) provided notice that the decline in the Company’s share price has caused it to be out of compliance with the NYSE’s continued listing standards.
Under the NYSE’s rules, in order to get back in compliance with the listing standard, both the Company’s ending share price and the average share price (over a consecutive 30-trading period) must exceed $1.00 within six months following receipt of the non-compliance notice. Notwithstanding the foregoing, if the Company determines to remedy the non-compliance by taking action that will require shareholder approval, such as a reverse stock split, the NYSE will continue to list the Company’s common stock pending shareholder approval by no later than its next…
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