Penn Virginia Corp. (NYSE: PVA) received notification on Jan. 12 from the New York Stock Exchange (NYSE) that the NYSE had determined to begin 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 also suspended trading in the company’s common stock, effective immediately.
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, including any appeal by the company of the NYSE’s determination.
Penn Virginia does not intend to appeal the delisting determination. The company anticipates that its common stock will begin trading on the OTC Pink on Jan. 13 under the symbol “PVAH.” The transition to the over-the-counter markets will not affect the company's business operations. Penn Virginia will remain subject to the public reporting requirements of the SEC following the transfer.
Penn Virginia Corp. is an independent oil and gas company engaged in the exploration, development, and production of oil, NGLs, and natural gas in various domestic onshore regions of the US, with a primary focus in the Eagle Ford shale play in south Texas.