Oklahoma City’s Chaparral Energy, Inc. has been officially warned by the New York Stock exchange that its shares are in low trading and the firm could be removed from the exchange.
The company was notified last week that the average closing price of Chaparral Energy’s shares of common stock had fallen below $1.00 a share over a period of 30 consecutive trading days. The $1.00 a share is the minimum average share price in order for Chaparral to continue to be listed on the NYSE.
” Under the NYSE’s rules, the Company has six months following receipt of the notification to regain compliance with the minimum share price requirement,” according to an announcement by Chaparral Energy.
“Under NYSE rules, the Company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period, its common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month,” stated the company.
The NYSE notification 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.
“The Company will be notifying the NYSE of its intent to cure the deficiency and return to compliance with the NYSE continued listing requirements,” stated Chaparral Energy in its announcement.