Another oil and gas firm has been removed from trading on the New York Stock Exchange because trading levels had dropped below the required minimum.
Houston-based CARBO Ceramics Inc., maker of ceramics for hydraulic fracturing was notified last week by the New York Stock Exchange. It had failed to meet the exchange’s average global market capitalization continued listing criteria.
As a result, CARBO will be traded on the OTCQB Market under the symbol “CRRT” as of Dec. 23, 2020.
CARBO stated that the transition will not impact its business operations or its ongoing efforts to improve its cash position and diversify its business.
Houston oilfield service company Carbo Ceramics will now be traded as a penny after spending more than 30 days trading below $1 per share and being delisted from New York Stock Exchange.
Specializing in ceramic particles used in the hydraulic fracturing process, Carbo has tried to diversify its products in other areas but falling demand from the company’s oil and natural gas industry customers continued to sting the Houston company’s financial performance.