Form 8-K Midstates Petroleum Comp For: Jul 16
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 16, 2015
Midstates Petroleum Company, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
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001-35512 |
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45-3691816 |
(State or other jurisdiction of |
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(Commission File Number) |
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(I.R.S. Employer |
321 South Boston, Suite 1000 |
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74103 |
(Address of principal executive offices) |
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(Zip Code) |
Registrants telephone number, including area code: (918) 947-8550
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On July 16, 2015, Midstates Petroleum Company, Inc. (the Company) was notified by the New York Stock Exchange (the NYSE) that the price of the Companys common stock has fallen below the NYSEs continued listing standard, which considers a company to be below compliance standards if the average closing price of a listed companys common stock is less than $1.00 per share for a period of over 30 consecutive trading days.
As required by the NYSE, the Company will timely notify the NYSE that it intends to cure the deficiency and to return to compliance with the NYSE continued listing requirement. The Company can avoid delisting if, during the six month period following receipt of the NYSE notice, on the last trading-day of any calendar month, the Companys common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading-day of that month.
If the common stock ultimately were to be delisted for any reason, it could negatively impact the Company by (i) reducing the liquidity and market price of the Companys common stock; (ii) reducing the number of investors willing to hold or acquire the Companys common stock, which could negatively impact the Companys ability to raise equity financing; (iii) limiting the Companys ability to use a registration statement to offer and sell freely tradable securities, thereby preventing the Company from accessing the public capital markets; and (iv) impairing the Companys ability to provide equity incentives to its employees.
Under the NYSE rules, the Companys common stock will continue to be listed on the NYSE during this period, subject to the Companys compliance with other continued listing requirements.
Item 7.01 Regulation FD Disclosure.
The Company issued a press release on July 20, 2015, announcing that it had received the notice of noncompliance with the NYSE continued listing standard as well as announcing its intention to remedy the noncompliance by way of effecting a 1:10 reverse stock split as previously approved by its shareholders at the 2015 Annual Meeting of Stockholders held on May 22, 2015, as well as by its Board of Directors. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.
The information furnished pursuant to this Item 7.01 and Exhibit 99.1 shall not be deemed to be filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any registration statement filed under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
Item 9.01 |
Financial Statements and Exhibits. |
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(d) Exhibits. |
Exhibit |
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Description |
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99.1 |
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Press Release dated July 20, 2015 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Midstates Petroleum Company, Inc. | |
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(Registrant) | |
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Date: July 20, 2015 |
By: |
/s/ Scott C. Weatherholt |
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Name: |
Scott C. Weatherholt |
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Title: |
Vice President Land, Legal & Corporate Secretary |
Exhibit 99.1
321 SOUTH BOSTON AVENUE, SUITE 1000
TULSA, OKLAHOMA 74103
PRESS RELEASE FOR IMMEDIATE ISSUANCE
MIDSTATES PETROLEUM RECEIVES CONTINUED LISTING STANDARD NOTICE FROM NYSE
TULSA, Okla.(BUSINESS WIRE) - July 20, 2015 Midstates Petroleum Company, Inc. (NYSE: MPO) (the Company) announced today that it had received notification on July 16, 2015, from the New York Stock Exchange (NYSE) that the price of the Companys common stock has fallen below the NYSEs continued listing standard. The NYSE requires that the average closing price of a listed companys 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 Companys common stock price per share and 30 trading-day average share price is at least $1.00. During this period, the Companys common stock will continue to be traded on the NYSE, subject to compliance with other continued listing requirements. On July 15, 2015, the Company announced a 1-for-10 reverse stock split of the Companys common stock which will be effective as of the close of business on August 3, 2015. The Company anticipates that when completed, the reverse stock split will cure the deficiency and return compliance with the NYSE continued listing requirement.
The NYSE notification does not affect the Companys business operations or its SEC reporting requirements and does not conflict with or cause an event of default under any of the Companys material debt or other agreements.
Other Information
Certain statements in this news release regarding future expectations and plans for future activities may be regarded as forward looking statements within the meaning of the Securities Litigation Reform Act. They are subject to various risks, such as financial market conditions, changes in commodities prices and costs of drilling and completion, operating hazards, drilling risks, and the inherent uncertainties in interpreting engineering data relating to underground accumulations of oil and gas, as well as other risks discussed in detail in the Companys Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct.
Midstates Petroleum Company, Inc. is an independent exploration and production company focused on the application of modern drilling and completion techniques in oil and liquids-rich basins in the onshore U.S. The Companys operations are currently focused on oilfields in the Mississippian Lime play in Oklahoma and the Anadarko Basin in Texas and Oklahoma.
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Contact:
Midstates Petroleum Company, Inc.
Jason McGlynn, Investor Relations, (918) 947-4614
Al Petrie, Investor Relations, (713) 595-9427
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