NYSE to Suspend Trading Immediately in Denbury Resources Inc. (DNR) and Commence Delisting Proceedings
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The New York Stock Exchange LLC (“NYSE” or “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist the common stock of Denbury Resources Inc. (the “Company”) — ticker symbol DNR — from the NYSE. Trading in the Company’s common stock will be suspended immediately.
NYSE Regulation reached its decision that the Company is no longer suitable for listing pursuant to Listed Company Manual Section 802.01D after the Company’s July 30, 2020 disclosure that the Company has filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. In reaching its delisting determination, NYSE Regulation noted the uncertainty as to the ultimate effect of this process on the value of the Company’s common stock. NYSE Regulation also noted that holders of the Company’s existing equity interests will receive their pro rata share of 45.45% of the Series B Warrants, if the prepackaged plan is accepted.
The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the Company’s securities upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
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