Seventy Seven Energy Inc. (NYSE: SSE) has received notice from the New York Stock Exchange (NYSE) of noncompliance with the NYSE continued listing standard that requires the average closing price of the company’s common stock to be not less than $1 per share over a period of 30 consecutive trading days.
SSE has notified the NYSE of its intent to cure the deficiency and return to compliance with the NYSE’s continued listing requirements. The company can regain compliance if, during the six-month period following receipt of the NYSE notice, SSE’s common stock has a closing share price and a 30-trading-day average closing share price on the NYSE of at least $1 on the last trading day of any calendar month or on the last day of the cure period.
Subject to SSE’s compliance with other continued listing requirements, the company’s common stock will continue to be traded on the NYSE during the cure period.
The NYSE notification does not affect SSE’s business operations or its US Securities and Exchange Commission reporting requirements and does not cause an event of default under any of the company’s debt agreements.
Headquartered in Oklahoma City, Oklahoma, SSE provides a range of wellsite services and equipment to US land-based exploration and production customers. SSE’s services include drilling, hydraulic fracturing and oilfield rentals, and its operations are geographically diversified across oil and natural gas plays in the onshore US, including shale plays.