Basic Energy Services Inc. said Aug. 23 that on Aug. 19, it was formally notified that its market capitalization and share price had fallen below the New York Stock Exchange’s (NYSE) continued listing standards.
The average market cap must not be less than $50 million over a consecutive 30-trading day period, and its stockholders’ equity must not be less than that same amount for the same period of time. The average closing price of the company's common shares must be at least $1 over the consecutive 30-trading day period.
Basic said it has 10 business days from receipt of the notice to send a letter to the NYSE confirming that it received the notice and intends to cure the deficiencies. Then, Basic will have 45 days to submit a business plan demonstrating compliance with listing standards.
Basic has a six-month period from the date of the notice to regain compliance.
The Fort Worth, Texas-based company’s common shares will continue listing and trading on the NYSE during the cure periods process.
Currently, Basic’s ongoing business and its U.S. Securities and Exchange Commission reporting requirements are not affected. There is no violation of material debt or other obligations, the well site services company added.
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