Midstates Petroleum Co. Inc. (NYSE: MPO) received notification on April 1 from the New York Stock Exchange (NYSE) that the price of the company’s common stock has fallen below the NYSE’s continued listing standard. The NYSE requires that the average closing price of a listed company’s common stock not be less than $1 per share for a period of over 30 consecutive trading days.
Under NYSE rules, Midstates Petroleum can avoid delisting if, during the six-month period following receipt of the NYSE notice and on the last trading day of any calendar month, its common stock price per share and 30-trading-day average share price is at least $1.
During this six-month period, Midstates Petroleum’s common stock will continue to be traded on the NYSE, subject to compliance with other continued listing requirements. The company will seek to cure the deficiency and to return to compliance with the NYSE continued listing requirement.
The NYSE notification does not affect the company’s business operations or its US Securities and Exchange Commission (SEC) reporting requirements, and does not conflict with, or cause, an event of default under any of its material debt or other agreements.