Halcón Receives Notice from NYSE
August 15 2016 - 4:30PM
On August 12, 2016, Halcón Resources Corporation (NYSE: HK)
(“Halcón” or the “Company”) received notice from the New York Stock
Exchange (the “NYSE”) that the Company’s market capitalization had
fallen below the NYSE’s continued listing standard. Halcón is
considered below criteria established by the NYSE because the
Company’s average market capitalization has been less than $50
million over a consecutive 30 trading-day period and its last
reported shareholders’ equity was less than $50 million.
Under NYSE rules, the Company has 45 days from the receipt of
the notice to submit a business plan (the “Plan”) to the NYSE
demonstrating the Company’s ability to regain compliance with the
NYSE’s continued listing standards within the following 18 month
period. Halcón intends to submit this Plan within the required time
frame. Upon receipt of the Plan, the NYSE has 45 days to review and
determine if the Plan reasonably demonstrates the Company’s ability
to regain compliance with the minimum listing standards. Assuming
the NYSE accepts the Plan, Halcón will then be subject to quarterly
monitoring for compliance with the Plan for a minimum period of two
quarters. In the event the NYSE does not accept the Plan or the
Company fails to meet material aspects of the Plan during the
monitoring period, the Company may be subject to suspension of
trading of its common stock by the NYSE and delisting
procedures.
The Company believes it will regain compliance with the NYSE’s
minimum market capitalization requirement, as well as its minimum
share price requirement upon successful consummation of its
current restructuring plan.
The NYSE notification does not affect the Company’s business
operations, its U.S. Securities and Exchange Commission (“SEC”)
reporting requirements and does not cause an event of default under
any of Halcón’s debt agreements.
Forward-Looking Statements
This release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as
amended. Statements that are not strictly historical
statements constitute forward-looking statements and may
often, but not always, be identified by the use of such
words such as "expects", "believes", "intends", "anticipates",
"plans", "estimates", "potential", "possible", or "probable"
or statements that certain actions, events or results "may",
"will", "should", or "could" be taken, occur or be achieved.
Forward-looking statements are based on current beliefs
and expectations and involve certain assumptions or
estimates that involve various risks and uncertainties
that could cause actual results to differ materially from
those reflected in the statements. These risks include, but are not
limited to, the ability to consummate a restructuring plan in
accordance with the terms previously disclosed; risks attendant to
the planned bankruptcy process, including the effects thereof on
the Company’s business and on the interests of various
constituents, the length of time that the Company might be required
to operate in bankruptcy and the continued availability of
operating capital during the pendency of such proceedings; risks
associated with third party motions in any bankruptcy case, which
may interfere with the ability to confirm and consummate a plan of
reorganization, potential adverse effects on the Company's
liquidity or results of operations; increased costs to execute the
reorganization, effects on market price of the Company's common
stock and on the Company's ability to access the capital markets,
and the risks set forth in the Company's Annual Report on Form 10-K
for the fiscal year ended December 31, 2015 and other filings
submitted by the Company to the SEC, copies of which may
be obtained from the SEC's website at
www.sec.gov or through the Company's website
at www.halconresources.com. Readers should not place
undue reliance on any such forward-looking statements, which are
made only as of the date hereof. The Company has no duty,
and assumes no obligation, to update forward-looking
statements as a result of new information, future events
or changes in the Company's expectations.
About Halcón Resources
Halcón Resources Corporation is an independent energy company
engaged in the acquisition, production, exploration and development
of onshore oil and natural gas properties in the United States.
Contact:
Quentin Hicks
SVP, Finance & Investor Relations
Halcón Resources
(832) 538-0557
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