Goodrich Petroleum Corp. (NYSE: GDP) has received notice that the New York Stock Exchange (NYSE) has accepted the company's plan for continued listing on the NYSE. The continued listing is subject to quarterly reviews by the NYSE's Listing and Compliance Committee to ensure the company's progress toward its plan.
On Aug. 27, the NYSE had notified the company that it was below the NYSE continued listing criteria of (1) average global market capitalization or total stockholders' equity over a consecutive 30-trading-day period of at least $50,000,000; and (2) average closing price of its common stock of at least $1 over a consecutive 30-trading-day period.
With the acceptance of the plan, Goodrich has 18 months from the original notification date in which to regain compliance with the market capitalization or stockholder's equity listing standard. The company has six months from the original notification date in which to regain compliance with the $1 stock price listing standard.