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Monday, January 19, 2015
Hyperdynamics Corp. received notice on January 9 from the NYSE that it has not satisfied the NYSE’s continued listing criteria. The company has not met the average closing price during a 30-day period required by the NYSE.
Hyperdynamics will have six months following receipt of the non-compliance notice to cure the deficiency for this continued listing standard. The HDY symbol will be assigned a “.BC” indicator to denote that it is below compliance with listing standards. Hyperdynamics will notify the NYSE within 10 business days of receipt of the non-compliance notice of its intent to cure the price deficiency and return to compliance with this continued listing standard.
In addition, the NYSE noted Hyperdynamics remains subject to NYSE continued listing standards with respect to the plan of Hyperdynamics to regain compliance with the $50 Million Standard. The $50 Million Standard requires the company to maintain an average market capitalization and stockholders’ equity greater than $50 million over a 30 trading-day period. In April 2014 Hyperdynamics received notice from the NYSE of falling below the $50 Million Standard. Hyperdynamics submitted a plan and provided periodic updates to the NYSE to regain compliance within 18 months. Its plan was accepted by the NYSE subject to continued monitoring.
The NYSE has notified Hyperdynamics it can take an accelerated listing action if meaningful improvement in valuation is not demonstrated or the company’s common stock trades at levels viewed by the NYSE to be abnormally low over a sustained period of time.
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