Houston-based oil company Cobalt International Energy has again been found in violation of the listing standard at The New York Stock Exchange (NYSE).
Cobalt said on Wednesday that the company received another continued listing standard notice from the NYSE on October 10, 2017.
Namely, the NYSE notified Cobalt that its average market capitalization for the prior 30 trading-day period is below $50 million and its stockholders’ equity is less than $50 million, which are NYSE minimum requirements.
In order to comply with procedures, Cobalt will notify the NYSE of its intent to submit a business plan to the stock exchange within 45 days from its receipt of the notice to cure this deficiency and return to compliance with NYSE continued listing requirements.
To remind, Offshore Energy Today reported in March on Cobalt non-compliance with NYSE regulations when the NYSE informed the company that its 30-day average closing share price was $0.94.
According to NYSE standard, the trailing 30-day average closing share price must remain above $1.00.
Upon receiving the notice, Cobalt had a six-month cure period to regain compliance. Within this cure period, Cobalt had to have a closing share price of $1.00 or higher on the last trading day of a given month or at the end of the cure period. Also, Cobalt’s coinciding trailing 30-day average closing share price also had to be $1.00 or higher.