Houston-based oil and gas company Vaalco Energy received notification on June 28, 2017, 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 the second time this year that Vaalco has received such a notice. Last time the NYSE sent such a notification to Vaalco was in April this year.
According to NYSE’s rules, it 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 from June 28 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.
Vaalco added that it would be notifying the NYSE of its intent to regain compliance with the NYSE continued listing standards within the six-month period and that it was committed to working with the NYSE to regain compliance and maintain the listing of its common stock.