Oklahoma City’s Chaparral Energy, Inc. announced Monday it has received notification from the New York Stock Exchange that the company has regained full compliance with all of the NYSE’s continued listing standards.
It was Nov. 11, 2019 when the Stock Exchange notified the company that it was no longer in compliance with the listing requirements because Chaparral’s stock had fallen below $1 per share over a period of 30 consecutive trading days.
Company Manual. Under the NYSE’s rules, the Company has six months following receipt of the notification to regain compliance with the minimum share price requirement. Chaparral was given six months to improve the trading level to more than $1 a share or else it would be removed from trading on the exchange.
“We are pleased to have regained full compliance with all NYSE listing requirements,” said Chaparral Chief Executive Officer Charles Duginski. “We remain focused on adding value through operational excellence and maximizing returns from our drilling program.”
Chaparral stock closed Friday at $1.38 per share.
The improved trading came less than a month after Chaparral named Charles Duginski as the new president and CEO, replacing Earl Reynolds who had held the positions since 2017. Duginski had been chief operating officer and senior vice president at Oklahoma City’s Tapstone Energy LLC when he was chosen to lead Chaparral Energy.