On June 2, Halcon Resources Corp. reported that on May 26, it was notified that the price of its common stock had fallen below the New York Stock Exchange’s (NYSE) continued listing standard of $1 per share for 30 consecutive trading days.
Halcon intends to cure the deficiency through a restructuring and prepackaged Chapter 11 bankruptcy filing that it plans to undertake in the next few months.
Halcon’s Stock Price Falls Below NYSE Listing Standard
The company can regain compliance with continued listing standards if during the six-month period following the notice, and on the last day of any month, its common share price and its 30-trading day average are both at least $1.
During the six-month period, Halcon’s common stock will continue trading on the NYSE, subject to compliance with other listing requirements, the company said.
Houston-based Halcon said that receiving the listing standards notification did not cause a default under any debt agreements.