Cobalt International Energy Inc. regained compliance with the New York Stock Exchange (NYSE), according to filings with the Securities and Exchange Commission on July 5.
In February, the Houston-based company received notice that it was no longer in compliance with certain NYSE continued listing standards after its closing share price fell to $0.94. The NYSE standard requires the trailing 30-day average closing share price to remain above $1.
Since then Cobalt has boosted its share price by issuing a 1-for-15 reverse stock split, which took effect on June 16. As a result, Cobalt’s shares of common stock continued to trade on the NYSE under the symbol "CIE" and its share price rose, closing at $2.32 on July 5.
Formed in 2005, Cobalt is an independent E&P active in the deepwater U.S. Gulf of Mexico and offshore West Africa.
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