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Quicksilver Receives Share Price Warning from NYSE
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Quicksilver Resources Inc. received notice from the New York Stock Exchange (NYSE) that the company has not met the NYSE's continued listing standard that requires a minimum average closing price of $1.00 per share over 30 consecutive trading days.
Under the NYSE rules, Quicksilver has six months from the date of its receipt of the NYSE notice to regain compliance with the minimum share price requirement, or, if stockholder approval is required to cure the price deficiency (as would be the case for a reverse stock split), until the company's next annual meeting of stockholders. During that time, Quicksilver's shares will continue to be listed and will trade on the NYSE, subject to the company's continued compliance with the NYSE's other applicable listing rules.
The NYSE notification does not affect Quicksilver's business operations or its Securities and Exchange Commission reporting requirements, and does not conflict with any of the company's credit agreements or debt and other obligations. Quicksilver is taking steps to enhance its current and prospective financial position, including efforts to market company assets, identify joint venture partners or otherwise engage in strategic transactions. Quicksilver has notified the NYSE that it intends to cure the deficiency.