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Halcon Out of NYSE Compliance as Stock Drops Below $1.00
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Halcn Resources Corporation received notice from the New York Stock Exchange that the price of its common stock has fallen below the NYSE's continued listing standard. The NYSE requires the average closing price of a listed company's common stock not be less than $1.00 per share for a period of 30 consecutive trading days.
Under NYSE rules, the Company will regain compliance if, during the six month period following receipt of the NYSE notice and on the last trading day of any calendar month, its common stock price per share and 30 trading-day average share price is at least $1.00. During this period, the Company's common stock will continue to be traded on the NYSE, subject to compliance with other NYSE listing requirements. Halcn has notified the NYSE of its intent to cure this deficiency through the previously disclosed restructuring and pre-packaged Chapter 11 filing it plans to commence within the next several months.
The NYSE notification does not affect the Company's previously disclosed proposed restructuring plans, business operations or its U.S. Securities and Exchange Commission reporting requirements and does not cause an event of default under any of Halcon's debt agreements.
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