Petroleum Africa
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Monday, April 28, 2014
Hyperdynamics Corp. was notified by the NYSE that it has fallen below the Exchange’s continued listing standards because its average global market capitalization has been less than $50 million over a consecutive 30 trading-day period and its stockholders’ equity has slipped to less than $50 million.
The company notified the NYSE that it will submit a business plan within 45 days from receipt of the NYSE notice that demonstrates the company’s ability to regain compliance within 18 months, as in accordance with NYSE procedures. Once the NYSE has the plan it has 45 days to review and determine whether the Hyperdynamics has made a reasonable demonstration of an ability to come into conformity with the relevant standards within the 18-month period.
The NYSE will either accept the plan, at which time the company will be subject to ongoing monitoring for compliance with this plan, or the NYSE will not accept the plan and Hyperdynamics will be subject to suspension and delisting proceedings. If the NYSE accepts the plan, the company’s shares would continue to be listed and traded on the NYSE during the 18-month cure period, subject to compliance with other NYSE continued listing standards, including common stock price criteria.
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