ION Geophysical Corporation, a seismic survey company providing services to the international offshore oil and gas industry, needs to work on its share price.
The company received notice on August 11, 2015 from the New York Stock Exchange (the “NYSE”) that the price of its common stock fell below the NYSE’s continued listing standards.
The NYSE requires the average closing price of a listed company’s common stock remain above $1.00 per share over a consecutive 30 trading-day period. As of August 7, 2015, the 30 trading-day period average closing price of the Company’s common stock was $0.98 per share.
In accordance with NYSE rules, the company said it would respond to the NYSE within 10 business days of receipt of the notification with its intent to resolve the deficiency.
The company has six months to regain compliance with the NYSE continued listing requirements and will actively monitor its stock price and evaluate all available options in order to regain compliance within the prescribed time frame, ION Geophysical said.
During the six-month period, the Company’s common stock will continue to be listed and traded on the NYSE, subject to compliance with other continued listing standards. The deficiency does not affect the Company’s ongoing business operations or its SEC reporting requirements, ION Geophyisical said.