ION Geophysical, a Houston-based geoscience company, has regained compliance with the New York Stock Exchange’s (NYSE) share price continued listing standards.
As a reminder, ION received a notice from the NYSE of its noncompliance with the continued listing standards last July. At the time, ION’s average market capitalization had been less than $50 million over a consecutive 30 trading-day period. At the same time, the company’s last reported stockholders’ equity was below $50 million.
ION had 45 days to submit a plan demonstrating its ability to bring the company into conformity with the continued listing standards. After the receipt of the plan, the NYSE also had 45 days to review and determine whether the company had made a reasonable demonstration of its ability to return to conformity within the 18-month period.
On November 9, 2017, the NYSE notified ION that it was back in compliance due to the company’s performance with respect to the business plan submitted to the NYSE and compliance with the NYSE’s minimum market capitalization requirement over the past two quarters.
Accordingly, the company’s common stock will continue to be listed on the NYSE, ION said on Monday.
Offshore Energy Today Staff