HOUSTON, Jan. 08, 2019 (GLOBE NEWSWIRE) — Sanchez Energy Corporation (NYSE: SN) today announced that it has received notice from the New York Stock Exchange (the “NYSE”) that the company does not presently meet the additional NYSE continued listing standard which requires that a company maintain an average market capitalization of at least $50 million over a period of 30 consecutive trading days, unless at the same time the company’s total stockholders’ equity is equal to or greater than $50 million.
In accordance with applicable NYSE procedures, the company plans to timely notify the NYSE that it intends to present a plan to meet the minimum market capitalization requirement. The NYSE provides for a period of 45 days from receipt of the notice to submit a plan advising the NYSE of definitive actions the company has taken, or is taking, that would bring it into conformity with the market capitalization listing standard within 18 months of receipt of the notice. The notice has 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 the other continued listing requirements. The company is currently evaluating its available options and developing a plan to return to conformity with the minimum market capitalization requirement.
As previously announced on Dec. 21, 2018, the company was notified by the NYSE that the average closing price of its common stock over a period of 30 consecutive trading days was below $1.00 per share, which is the minimum average closing price per share required by the NYSE for continued listing. In accordance with applicable NYSE procedures, the company notified the NYSE of its intent to pursue actions to meet the minimum average share price requirement and restore its compliance with the relevant standards within the six-month period allowed by the NYSE.
ABOUT SANCHEZ ENERGY CORPORATION
Sanchez Energy Corporation (NYSE: SN) is an independent exploration and production company focused on the acquisition and development of U.S. onshore unconventional oil and natural gas resources, with a current focus on the Eagle Ford Shale in South Texas. For more information about Sanchez Energy Corporation, please visit our website: www.sanchezenergycorp.com.