Goodrich Petroleum Corp. (NYSE: GDP) has received notification from the New York Stock Exchange that the NYSE has begun proceedings to delist the company's common stock as a result of the NYSE's determination that the company's common stock was no longer suitable for listing on the NYSE based on "abnormally low" price levels, pursuant to Section 802.01D of the NYSE's Listed Company Manual. The NYSE suspended trading in the company's common stock, effective Jan. 13.
The company has two preferred stock issues listed on the NYSE, which will also be suspended, and which are listed under the ticker symbols “GDP PR C” and “GDP PR D.”
The NYSE stated that it will apply to the US Securities and Exchange Commission (SEC) to delist the company's common stock upon completion of all applicable procedures. Goodrich does not intend to appeal the delisting determination. The company anticipates that its common stock, under the symbol GDPM, will begin trading on the OTC Markets marketplace on Jan. 14. Both preferred issues will begin trading under GDPAL and GDUEL, respectively, upon FINRA clearance. The transition to the over-the-counter markets will not affect the company's business operations. Goodrich will remain subject to the public reporting requirements of the SEC following the transfer.