GMX Resources (GMXR) Receives Noncompliance Letter from NYSE
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GMX Resources, Inc., (NYSE: GMXR) announces today that on June 20, 2012, the New York Stock Exchange (NYSE) provided notice that the decline in the Company's share price has caused it to be out of compliance with the NYSE's continued listing standards. Under the NYSE's rules, in order to get back in compliance with the listing standard, both the Company's ending share price and the average share price (over a consecutive 30 trading-day period) must exceed $1.00 within six months following receipt of the non-compliance notice. Notwithstanding the foregoing, if the Company determines to remedy the non-compliance by taking action that will require shareholder approval, such as a reverse stock split, the NYSE will continue to list the Company's common stock pending shareholder approval by no later than its next annual meeting, and the implementation of such action promptly thereafter. The Company will be back in compliance with its listing standard if the share price promptly exceeds $1.00 per share, and the price remains above the level for at least the following 30 trading days. The Company's common stock will continue to be listed and will trade on the NYSE subject to the Company's continued compliance with the NYSE's other applicable listing requirements.
Ken L. Kenworthy Jr. Chief Executive Officer said, "We do not believe that the current stock price properly reflects the potential value of our oil and gas assets, and we are confident in our ability to implement steps to increase our share price to comply with the NYSE continued listing standards."
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Ken L. Kenworthy Jr. Chief Executive Officer said, "We do not believe that the current stock price properly reflects the potential value of our oil and gas assets, and we are confident in our ability to implement steps to increase our share price to comply with the NYSE continued listing standards."
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