ION Geophysical Corp. (NYSE: IO) received notice on Aug. 11 from the New York Stock Exchange (NYSE) that the price of its common stock fell below the NYSE's continued listing standards.
The NYSE requires the average closing price of a listed company's common stock remain above $1 per share over a consecutive 30 trading-day period. As of Aug. 7, the 30 trading-day period average closing price of the company's common stock was $0.98 per share.
In accordance with NYSE rules, ION will respond to the NYSE within 10 business days of receipt of the notification with its intent to resolve the deficiency. The company has six months to regain compliance with the NYSE continued listing requirements and will actively monitor its stock price and evaluate all available options in order to regain compliance within the prescribed time frame.
During the six-month period, ION's common stock will continue to be listed and traded on the NYSE, subject to compliance with other continued listing standards. The deficiency does not affect the company's ongoing business operations or its SEC reporting requirements.
ION is a provider of technology-driven solutions to the global oil and gas industry. Its offerings are designed to help companies reduce risk and optimize assets throughout the E&P life cycle.