January 9, 2019
Sanchez Energy says its received a second notice from the New York Stock Exchange that a de-listing is imminent.
With the Houston company’s stock market value below $50 million for more than a month, Sanchez does not meet the continued listing standard NYSE requires (that companies maintain an average market capitalization of at least $50 million over a period of 30 consecutive trading days — unless at the same time the company’s total stockholders’ equity is equal to or greater than $50 million).
Sanchez got its first warning last month, when its stock dropped below $1 a share for more than 30 days.
The stock price was up more than 7% on Wednesday, at about 28 cents.
The company said this week it plans a timely notification to the NYSE for a plan to meet the minimum market capitalization, and is evaluating its options.
The NYSE provides for a period of 45 days from receipt of the notice to submit a plan advising the NYSE of definitive actions the company has taken, or is taking, that would bring it into conformity with the market capitalization listing standard within 18 months of receipt of the notice, Sanchez noted.