Oklahoma City’s Chaparral Energy has been warned of possible removal from trading at the New York Stock Exchange because of the falling value of company shares.
The company was notified Feb. 28 of possible delisting after the average closing price of Chaparral stock had fallen below $1 a share over a period of 30 consecutive trading days.
Under the stock exchange rules, the company has six months to regain compliance with the minimum share price requirement. Compliance had be regained if Chaparral’s common stock has a closing share price of at least $1 and an average closing share price of at least $1 over the 30 trading-day period ending on the last trading day of the month.
In announcing the delisting warning, Chaparral stated it plans to notify the exchange of its intent to cure the deficiency and return to compliance.
Chaparral Energy, Inc. trades on the NYSE with the symbol CHAP and on Friday prices dropped 12 cents to 59 cents per share. The 52-week low so far has been 43 cents while the high was $8.18. While share prices rose slightly in the past week, Chaparral prices have declined in the past month and the quarter and are down 66.7% in the past year.
Source: Chaparral release