PetroQuest Energy Inc. (NYSE: PQ) has received notice from NYSE Regulation Inc. that it is not in compliance with the continued listing standards set forth in Section 802.01C of the Listed Company Manual of the New York Stock Exchange because the average closing price of the company's common stock fell below $1 per share for a period of over 30 consecutive trading days. As required by the NYSE, the company will notify the NYSE within 10 business days of its intent to cure the deficiency and return to compliance with the NYSE continued listing requirements.
PetroQuest can avoid delisting if, during the six-month period following receipt of the NYSE notice, on the last trading day of any calendar month, the company's common stock has a closing share price of at least $1 and an average closing share price of at least $1 over the 30-trading-day period ending on the last trading day of that month.
If PetroQuest’s common stock ultimately were to be delisted for any reason, it could negatively impact the company by reducing the liquidity and market price of its common stock; reducing the number of investors willing to hold or acquire the company's common stock, which could negatively impact the company's ability to raise equity financing; limiting the company's ability to use a registration statement to offer and sell freely tradable securities, thereby preventing PetroQuest from accessing the public capital markets; and impairing the company's ability to provide equity incentives to its employees.
Under the NYSE rules, PetroQuest's common stock will continue to be listed on the NYSE during this six month period, subject to the company's compliance with other continued listing requirements.
PetroQuest Energy is an independent energy company engaged in the exploration, development, acquisition, and production of oil and natural gas reserves in Texas, Oklahoma, Louisiana, and the shallow waters of the Gulf of Mexico.