HighPoint Resources Receives Continued Listing Standard Notice from NYSE
March 13 2020 - 4:28PM
HighPoint Resources Corporation (“we”, “us”, or the “Company”)
(NYSE: HPR) today announced that on March 10, 2020, it received
formal notice from the New York Stock Exchange (“NYSE”) that the
average closing price of the Company’s shares of common stock had
fallen below $1.00 per share over a period of 30 consecutive
trading days, which is the minimum average share price for
continued listing on the NYSE.
As required by the NYSE, the Company has
responded to the NYSE regarding its intent to cure the deficiency
to return to compliance with the NYSE continued listing
requirements within the six-month cure period. The Company has put
forth a proposal for a reverse stock split in connection with its
annual meeting of shareholders to be held on April 28, 2020.
During the cure period, the Company’s shares of
common stock will continue to trade on the NYSE, subject to
compliance with other continued listing requirements. The NYSE
notification does not affect the Company’s ongoing business
operations or its U.S. Securities and Exchange Commission reporting
requirements, nor does cause an event of default under any of the
Company’s debt obligations.
Under NYSE rules, the Company can regain
compliance at any time during the six-month cure period if on the
last trading day of any calendar month during the cure period, its
common stock has a closing share price of at least $1.00 and an
average closing share price of at least $1.00 over the 30
trading-day period ending on the last trading day of that
month.
ABOUT HIGHPOINT RESOURCES
CORPORATION
HighPoint Resources Corporation (NYSE: HPR) is a
Denver, Colorado based company focused on the development of oil
and natural gas assets located in the Denver-Julesburg Basin of
Colorado. Additional information about the Company may be found on
its website www.hpres.com.
Company contact: Larry C. Busnardo, Vice
President, Investor Relations, 303-312-8514
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