Halcon Resources (HK) Receives NYSE Listing Notifcation
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On August 12, 2016, Halcón Resources Corporation (NYSE: HK) (“Halcón” or the “Company”) received notice from the New York Stock Exchange (the “NYSE”) that the Company’s market capitalization had fallen below the NYSE’s continued listing standard. Halcón is considered below criteria established by the NYSE because the Company’s average market capitalization has been less than $50 million over a consecutive 30 trading-day period and its last reported shareholders’ equity was less than $50 million.
Under NYSE rules, the Company has 45 days from the receipt of the notice to submit a business plan (the “Plan”) to the NYSE demonstrating the Company’s ability to regain compliance with the NYSE’s continued listing standards within the following 18 month period. Halcón intends to submit this Plan within the required time frame. Upon receipt of the Plan, the NYSE has 45 days to review and determine if the Plan reasonably demonstrates the Company’s ability to regain compliance with the minimum listing standards. Assuming the NYSE accepts the Plan, Halcón will then be subject to quarterly monitoring for compliance with the Plan for a minimum period of two quarters. In the event the NYSE does not accept the Plan or the Company fails to meet material aspects of the Plan during the monitoring period, the Company may be subject to suspension of trading of its common stock by the NYSE and delisting procedures.
The Company believes it will regain compliance with the NYSE’s minimum market capitalization requirement, as well as its minimum share price requirement upon successful consummation of its current restructuring plan.
The NYSE notification does not affect the Company’s business operations, its U.S. Securities and Exchange Commission (“SEC”) reporting requirements and does not cause an event of default under any of Halcón’s debt agreements.
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