More energy companies are being warned of being delisted from the Nasdaq Stock Market and the New York Stock Exchange because trading of their shares has fallen too low in the past month. One is Oklahoma City-based Mammoth Energy Services, Inc. and another is Nine Energy of Houston.
Mammoth was notified last week that for the last 30 consecutive business days, the bid price for its common stock had closed below the minimum $1 a share requirement for continued listing on the Nasdaq Stock Market. The market gave the company 180 calendar days to regain compliance.
The compliance periods for the Price-based Requirements will be reinstated on July 1, 2020. As a result, the Company will have 180 calendar days from July 1, 2020, or until December 28, 2020, to regain compliance. Mammoth will no longer be under the warning if company security is at least $1 minimum for ten consecutive business days.
Shares traded for 73 cents earlier this week and they had reached a 52-week low of 56 cents.
Nine Energy Service received its notification this week from the New York Stock Exchange for the same problem…too many consecutive days of shares trading for less than $1. Nine’s Board of Directors said it is reviewing all available alternatives to return to compliance with the NYSE’s continued listing standards.
Earlier this week, shares of Nine Energy were at 84 cents but they had a 52-week low of 38 cents.
Click here to view SEC filing by Mammoth Energy.
Source: Mammoth Energy