Swift Energy Co. (SFY) said Aug. 17 that the New York Stock Exchange (NYSE) notified it on Aug. 14 that it was not in compliance with listing continued standards. Its common stock still trades on NYSE, with a “.bc” designation for “below compliance.”
Specifically its common stock had fallen below the required minimum average closing price of $1 per share in a 30-day trading period. Swift has six months to regain compliance with the minimum share price requirement.
Swift was also notified that its average global market capitalization for the prior 30 trading-day period is below $50 million, and that its stockholders’ equity is also less than $50 million.
There is an 18-month cure period to regain compliance for global market capitalization. Swift will submit a business plan to NYSE within 45 days of receiving the notice. If its business plan is approved, Swift’s shares will continue to list and trade on NYSE during the 18 months, subject to other compliance standards.
Swift Energy Co. is based in Houston.
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