HOUSTON, Sept. 1, 2015 /PRNewswire/ -- Goodrich Petroleum
Corporation (NYSE: GDP) (the "Company") announced that on
August 27, 2015, the New York Stock
Exchange (the "NYSE") notified the Company that it is not in
compliance with the continued listing standards set forth in
Sections 802.01B and 802.01C of the NYSE Listed Company
Manual. Specifically, the NYSE notified the Company that the
average closing price per share of the Company's common stock over
the preceding 30 trading-day period had fallen below the minimum
average closing price required by Section 802.01C of $1.00 per share over a consecutive 30 trading-day
period. Additionally, the NYSE notified the Company that the
Company's average market capitalization for the prior 30
trading-day period is below $50
million, and the Company's stockholders' equity is less than
$50 million, which are the NYSE
minimum requirements under Section 802.01B. In compliance with
NYSE procedures, the Company intends to notify the NYSE within ten
business days of its intent to cure both deficiencies and return to
compliance with the NYSE continued listing requirements.
Under Section 802.01C (i.e., share price standard), the Company
has six months following its receipt of the NYSE notice to regain
compliance with the minimum share price requirement. The
Company can regain compliance with Section 802.01C at any time
during the six-month cure period if the Company's common stock has
a closing share price of at least $1.00 and an average closing share price of at
least $1.00 over the 30 trading-day
period ending on the last trading day of that month or the last
trading day of the cure period.
To indicate the Company's desire and ability to regain
compliance with Section 802.01B (i.e., market capitalization
standard) within 18 months, the Company will submit a business plan
to the NYSE within 45 days from its receipt of the NYSE
notice. If the NYSE approves the Company's business plan, the
Company's shares will continue to be listed and traded on the NYSE
during the 18-month cure period, subject to its compliance with
other NYSE continued listing standards.
There is no immediate impact on the listing of the Company's
common stock, which will continue to trade on the NYSE, subject to
the Company's compliance with other listing standards, under the
symbol "GDP" but with the added designation of ".bc" to indicate
the Company's "below compliance" status. The Company will continue
to work directly with the NYSE to ensure the NYSE is aware of the
Company's progress.
Goodrich Petroleum Corporation is an independent oil and gas
exploration and production company listed on the New York Stock
Exchange.
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SOURCE Goodrich Petroleum Corporation