Ultra Petroleum Corp. (NYSE: UPL) received notice on March 15 from the New York Stock Exchange (NYSE) that it was not in compliance with the NYSE's requirement that the average closing price of its common stock be at least $1 per share over a consecutive 30-trading-day period. Under NYSE rules, the company has six months from receipt of the notice to regain compliance with the minimum share price rule.
Ultra expects that its common stock will continue to be listed and traded on the NYSE during this period, subject to its continued compliance with the NYSE's other continued listing standards. The company plans to notify the NYSE that it intends to cure the deficiency and return to compliance with the NYSE continued listing standards.
The notice does not affect Ultra's ongoing business operations or trigger any violation of its material debt or other obligations. It will continue to file periodic and certain other reports with the US Securities and Exchange Commission under applicable federal securities laws.