EnerJex Resources Inc. (OTCQB: ENRJ) was cleared to submit a listing application to the New York Stock Exchange, the company said June 2.
The company's ability to list rests on its ability to maintain a minimum market price, EnerJex added, noting that there are also other conditions.
To meet the minimum market price, EnerJex's board of directors approved a one-for-15 reverse stock split, the company noted.
In the meantime, EnerJex's shares will continue trading on the OTC under the symbol "ENRJD," which indicates the stock split, the company said. A new CUSIP number was assigned, the company added.
EnerJex now has 7.3 million shares, the company said.
San Antonio-based EnerJex Resources Inc. acquires and develops natural gas in the Midcontinent.
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