Vaalco Energy receives NYSE warning again

Houston-based oil and gas company Vaalco Energy has once again received a notification from the New York Stock Exchange (NYSE) that the price of the company’s common stock has fallen below the NYSE’s continued listing standard.

This is not the first time Vaalco received such a notification. Last time the NYSE sent such a notification to Vaalco was on August 9, 2016.

According to its rules, the NYSE requires that the average closing price of a listed company’s common stock not be less than $1.00 per share for a period of over 30 consecutive trading days.

The company can avoid delisting if, during the six-month period following receipt of the NYSE notice and on the last trading day of any calendar month, the company’s 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 continued listing requirements.

The NYSE notification, which Vaalco received on April 6, does not affect the company’s business operations or its SEC reporting requirements and does not conflict with or cause an event of default under any of the company’s material debt or other agreements.

This comes only two months after the NYSE accepted the company’s plan of compliance for continued listing. The plan entails the continued listing on the NYSE, subject to quarterly reviews by the NYSE’s Listing and Compliance Committee.

Before this plan was accepted by the stock exchange, Vaalco received notification from the NYSE on November 30, 2016, that the company’s market capitalization also fell below the NYSE’s continued listing standard.

That means that the company’s average market capitalization fell below $50 million over a trailing 30 trading-day period and its last reported stockholders’ equity was less than $50 million.

In February, Vaalco reported that the company’s stock price remained above $1.00 per share since mid-December 2016 and has regained compliance with the $1.00 requirement as of January 31, 2017.

At the same time Vaalco’s market capitalization was able to exceed $50 million since early December, 2016. In order to remain in compliance, the company must maintain a market capitalization in excess of this requirement for at least two consecutive quarters.

In a statement on Monday, Vaalco Energy said it would be notifying the NYSE of its intent to regain compliance with the NYSE continued listing standards within the six-month period.

“The company is committed to working with the NYSE to regain compliance and maintain the listing of its common stock,” said Vaalco.

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Posted on April 11, 2017 with tags , .

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