Midstates Petroleum Co. Inc. (MPO) was notified Aug. 13 that it was not in compliance with market capitalization and stockholders’ equity continued listing standards for the New York Stock Exchange (NYSE), the company said Aug. 19.
The market capitalization must total no less than $50 million for more than one month of trading. Stockholders’ equity also should not be less than $50 million, Midstates said.
Midstates has 45 days to submit a business plan detailing how it intends to regain compliance within 18 months.
Midstates said it will submit the plan, and the NYSE’s listings and compliance committee will then review it. If it is accepted, Midstates will have quarterly monitoring reviews. If it is not, the company will be subject to delisting from the exchange and suspension.
The notification does not affect business operations or Securities and Exchange Commission reporting requirements. It also does not cause a default, the company added.
Tulsa, Okla.-based Midstates Petroleum Co. explores and produces domestic oil.
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