Tulsa’s Unit Corporation is the latest Oklahoma oil and gas company to get a delisting warning from the New York Stock Exchange because of low trading prices.
Unit announced Monday that it was notified on Dec. 19 by the NYSE that the average closing price of the company’s shares of common stock had fallen below $1 a share over a period of 30 consecutive trading days. The $1 level is the minimum average share price for a firm to continue to be listed on the Exchange.
Under the rules of the stock exchange, Unit Corporation has six months to regain compliance with the minimum share price requirement. The company opened Monday morning trading at 64 cents a share. Unit’s 52-week high was $18.42 but trading plummeted to 60 cents for the 52-week low.
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, according to Unit’s announcement.
Unit stated that it will be notifying the NYSE of its intent to cure the deficiency and return to compliance with the NYSE continued listing requirements.