StreetInsider.com reported Wednesday afternoon that the New York Stock Exchange (NYSE) was moving forward to delist SandRidge Energy’s common stock. Trading in the company’s common stock will be suspended immediately.
The NYSE Regulation has determined SandRidge is no longer suitable for listing based on “abnormally low” price levels.
The news comes as many energy companies are struggling with the realities of “lower for longer” energy prices. SandRidge is confident it will be able to get through the delisting.
“The prolonged depression of commodity prices have caused nearly all companies in our industry to suffer material degradation in value. While the delisting of our stock from the NYSE is certainly not an outcome we desired, it’s important to note that this action does not affect our day-to-day operations. SandRidge continues to have ample liquidity and we remain focused on navigating the current commodity downturn and extending our capabilities, including developing our recently acquired Niobrara assets. We expect SandRidge shares to being trading over the counter tomorrow (Thursday),” said SandRidge Energy Director of Communications David A. Kimmel in a statement to OK Energy Today.
According to the NYSE, SandRidge has the right to a review of its determination by a Committee of the Board of Directors of NYSE Regulation.
Read the StreetInsider.com story here
