January 6, 2019
Houston-based Sandridge Permian Trust says it’s received notice of possible delisting by the New York Stock Exchange (NYSE).
The oil and gas royalty interests-holding trust says its stock (PER) has fallen below the NYSE’s continued listing requirement of a $1.00 or more average closing price, calculated over a period of 30 consecutive trading days — but says it will not take any immediate action such as unit reverse splits.
Its stock jumped on Monday from about $0.90 to about $0.97, with some investors calling the stock “worth watching.”
The trust said Friday it received the deficiency notice from the NYSE on December 27, 2019, and on January 3, 2020.
The trust can, of course, avoid delisting if, during the six-month period following receipt of the NYSE notice, on the last trading-day of any calendar month, the trust’s units of beneficial interest have a closing price per unit and a 30 trading-day average closing unit price of at least $1.00.
And while the trust’s shares will continue to sell on the NYSE, administrators vowed that it “does not intend to attempt to cause a reverse split of the units or other action in an effort to affect the trading price of the units.”