Cobalt International Energy Inc. regained compliance with the New York Stock Exchange (NYSE), according to filings with the Securities and Exchange Commission on July 5.
In February, the Houston-based company received notice that it was no longer in compliance with certain NYSE continued listing standards after its closing share price fell to $0.94. The NYSE standard requires the trailing 30-day average closing share price to remain above $1.
Since then Cobalt has boosted its share price by issuing a 1-for-15 reverse stock split, which took effect on June 16. As a result, Cobalt’s shares of common stock continued to trade on the NYSE under the symbol "CIE" and its share price rose, closing at $2.32 on July 5.
Formed in 2005, Cobalt is an independent E&P active in the deepwater U.S. Gulf of Mexico and offshore West Africa.
Recommended Reading
1Q24 Dividends Declared in the Week of April 29
2024-05-03 - With earnings season in full swing, upstream and midstream companies are declaring quarterly dividends. Here is a selection of dividends announced in the past week.
Analyst Questions Kimmeridge’s Character, Ben Dell Responds
2024-05-02 - The analyst said that “they don’t seem to be particularly good actors.” Ben Dell, Kimmeridge Energy Partners managing partner, told Hart Energy that “our reputation is unparalleled.”
Tellurian Reports Driftwood LNG Progress Amid Low NatGas Production
2024-05-02 - Tellurian’s Driftwood LNG received an extension through 2029 with authorization from the Federal Energy Regulatory Commission and the U.S. Army Corps of Engineers.
Zeta Energy Appoints Michael Everett as COO
2024-05-02 - Prior to joining Zeta Energy, a lithium-sulfur battery developer, Michael Everett previously served as president and COO at Advanced Battery Concepts.
Shell Launches $3.5 Billion Share Buyback Program
2024-05-02 - Shell, which posted first-quarter adjusted earnings of $7.7 billion, will cancel all of the shares it buys.