HOUSTON, Jan. 16, 2015 /PRNewswire/ -- Hyperdynamics
Corporation (NYSE: HDY) announced today that it received notice on
January 9, 2015 from the New York
Stock Exchange (NYSE) that it did not satisfy the NYSE's continued
listing criteria. The NYSE noted that a Company will be
considered "below criteria" if the average closing price of its
security is less than $1.00 per share
over a consecutive 30 trading-day period. As of January 8, 2015, the average price of
Hyperdynamics common stock was $0.98. 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. The Company's
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.
About Hyperdynamics
Hyperdynamics is an emerging independent oil and gas exploration
and production company that is exploring for oil and gas offshore
the Republic of Guinea in
West Africa. To find out more,
visit our website at www.hyperdynamics.com.
Forward Looking Statements
This news release and the Company's website referenced in this news
release contain forward looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, regarding
Hyperdynamics Corporation's future plans and expected performance
that are based on assumptions the Company believes to be
reasonable. Statements preceded by, followed by or that
otherwise include the words "believes", "expects", "anticipates",
"intends", "projects", "estimates", "plans", "may increase", "may
result", "will result", "may fluctuate" and similar expressions or
future or conditional verbs such as "will", "should", "would",
"may" and "could" are generally forward-looking in nature and not
historical facts. A number of risks and uncertainties could
cause actual results to differ materially from these statements,
including without limitation, funding and exploration efforts,
fluctuations in oil and gas prices and other risk factors described
from time to time in the Company's reports filed with the
Securities and Exchange Commission, including the Company's
Quarterly Report on Form 10-Q for the fiscal quarter ended
September 30, 2014. The Company undertakes no obligation
to publicly update these forward looking statements to reflect
events or circumstances that occur after the issuance of this news
release or to reflect any change in the Company's expectations with
respect to these forward looking statements.
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SOURCE Hyperdynamics Corporation