Houston-based oil and gas company Vaalco Energy received notification on August 9, 2016, from the New York Stock Exchange (NYSE) that the price of the company’s common stock has fallen below the NYSE’s continued listing standard.
The NYSE requires that the average closing price of a listed company’s common stock not be less than $1.00 per share for a period of over 30 consecutive trading days.
Under NYSE rules, the company can avoid delisting if, during the six month period following receipt of the NYSE notice and on the last trading day of any calendar month, the company’s common stock price per share and 30 trading-day average share price is at least $1.00. During this period, the company’s common stock will continue to be traded on the NYSE, subject to compliance with other continued listing requirements.
According to Vaalco, 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.
The company said it will be notifying the NYSE of its intent to regain compliance with the NYSE continued listing standards within the six-month period.
The oil company last Monday posted a net loss of $0.3 million for the second quarter of 2016, compared to a net loss of $5.2 million in the prior-year quarter.
Earlier this month, Vaalco’s chief executive Steve Guidry announced his intention to retire from the company and Board of Directors, effective September 1, 2016.