VAALCO Energy, Inc. announced that on April 22, 2020, the Company was notified by the New York Stock Exchange (the “NYSE”) that the price of the Company’s common stock has fallen below the NYSE’s continued listing standards. The NYSE requires that the average closing price of a listed company’s common stock not be less than $1.00 per share for a period of over 30 consecutive trading days.
Under the NYSE rules, VAALCO can regain compliance if on the last trading day in any calendar month the common stock has (i) a closing price of at least $1.00 per share and (ii) an average closing price of at least $1.00 per share over the 30 consecutive trading-day period ending on the last trading day of such month. As required by the NYSE, the Company plans to notify the NYSE of its intent to cure the deficiency and restore its compliance with the NYSE continued listing standards. The Company is committed to working with the NYSE to regain compliance and maintain the listing of its common stock. The Company has until January 1, 2021 to regain compliance with the NYSE’s continued listing standards under recently adopted rules by the NYSE that permit listed companies additional time to regain compliance due to the current economic environment.
The notice has no immediate impact on the listing of the common stock, which will continue to be listed and traded on the NYSE during this period, subject to the Company’s compliance with the other listing requirements of the NYSE. The NYSE notification does not affect VAALCO’s business operations, its Securities and Exchange Commission reporting requirements or its listing on the London Stock Exchange.