Saratoga Resources Inc. (NYSE MKT: SARA) has received notice that NYSE Regulation Inc. will begin proceedings to delist the company’s common stock from NYSE MKT LLC. Trading in Saratoga Resources' common stock was suspended prior to the open of the market on June 19.
NYSE MKT determined that the company was no longer suitable for listing in light of the filing by the company and certain of its subsidiaries of voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the Western District of Louisiana and the resulting uncertainty as to the timing and outcome of the bankruptcy process as well as the ultimate effect of the process on the value of the company’s common stock.
Saratoga Resources does not anticipate exercising its right to appeal the delisting determination. The company’s common stock is presently quoted on the OTC Pink market under the symbol “SARAQ.”