FieldPoint Petroleum Corp. said July 27 that the NYSE Regulation organization accepted its plan to regain compliance with the NYSE MKT’s continued listing standards.
On May 11, FieldPoint was notified by NYSE MKT that it was not in compliance with the exchange’s continued listing standards related to financial impairment, as the stockholders’ equity was below the $2 million threshold required for listed companies that have reported losses from continuing operations in two of their three most recently completed fiscal years.
FieldPoint said that it had 30 days to submit a plan to regain compliance. NYSE Regulation granted a plan period through November 13, 2017, which is the targeted completion date. NYSE Regulation staff will initiate delisting proceedings if FieldPoint is found to not be in compliance by that date.
FieldPoint Petroleum Corp. is based in Austin, Texas.
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