HOUSTON, Jan. 13, 2016 /PRNewswire/ -- Goodrich
Petroleum Corporation (NYSE:GDP) (the "Company") today announced
that it received notification from the New York Stock Exchange
("NYSE") that the NYSE has commenced proceedings to delist the
Company's common stock as a result of the NYSE's determination that
the Company's common stock was no longer suitable for listing on
the NYSE based on "abnormally low" price levels, pursuant to
Section 802.01D of the NYSE's Listed Company Manual. The NYSE
suspended trading in the Company's common stock effective
immediately.
The Company has two preferred stock issues listed on the NYSE,
which will also be suspended:
Ticker
Symbol
|
Issue
Description
|
GDP PR C
|
Depositary Shares,
Each Representing 1/1000th Interest in a Share of 10.00% Series C
Cumulative Preferred Stock
|
GDP PR D
|
Depositary Shares,
Each Representing 1/1000th Interest in a Share of 9.75% Series D
Cumulative Preferred Stock
|
The NYSE stated that it will apply to the Securities and
Exchange Commission ("SEC") to delist the Company's common stock
upon completion of all applicable procedures. The Company
does not intend to appeal the delisting determination. The
Company anticipates that its common stock, under the symbol GDPM,
will begin trading on the OTC Markets marketplace on January 14, 2016. Both preferred issues
will begin trading under GDPAL and GDUEL, respectively, upon FINRA
clearance. The transition to the over-the-counter markets
will not affect the Company's business operations. The
Company will remain subject to the public reporting requirements of
the SEC following the transfer.
Goodrich Petroleum Corporation is an independent oil and gas
exploration and production company.
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SOURCE Goodrich Petroleum Corporation