OKLAHOMA CITY, Dec. 13, 2019 /PRNewswire/ -- Chesapeake
Energy Corporation (NYSE:CHK) ("Chesapeake" or "the Company")
announced that on December 10, 2019
it received written notice from the New York Stock Exchange
("NYSE") of its noncompliance with the standard set forth in Rule
802.01C of the NYSE Listed Company Manual that requires listed
companies to maintain an average closing share price of at least
$1.00 over a consecutive 30
trading-day period.
The Company intends to regain compliance with the NYSE listing
standards by pursuing measures that are in the best interests of
the Company and its shareholders, including: (i) executing on its
current capital and operating program, which includes a planned 30%
reduction in 2020 capital expenditures and ongoing implementation
of operating cost efficiencies; (ii) continued debt reduction
through capital market transactions and asset sales; and
potentially (iii) consummation of a potential reverse stock split,
subject to shareholder approval at the May
2020 Annual Meeting of Shareholders.
As required by the NYSE, the Company intends to respond to the
NYSE within ten business days with respect to its intent to cure
the deficiency. The Company has six months following the receipt of
the noncompliance notice to cure the deficiency and regain
compliance.
During this period, the Company's common stock will continue
trading on the NYSE under its existing ticker symbol, with the
addition of a suffix indicating the "below compliance" status of
its common stock, as "CHK.BC."
The notice does not affect the Company's business operations, or
its Securities and Exchange Commission reporting requirements, and
does not conflict with or cause an event of default under any of
the Company's material debt agreements.
Headquartered in Oklahoma
City, Chesapeake Energy Corporation's (NYSE: CHK) operations
are focused on discovering and developing its large and
geographically diverse resource base of unconventional oil and
natural gas assets onshore in the United
States.
This news release includes "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements are statements other than statements of historical fact.
They include statements regarding the impact of the NYSE delisting
notice and our ability to regain compliance with NYSE listing
standards, results of our capital and operating program, planned
capital expenditures, strategic transactions that might affect our
debt levels and liquidity, the ability to consummate a reverse
stock split and the assumptions on which such statements are based.
Although we believe the expectations and forecasts reflected in the
forward-looking statements are reasonable, we can give no assurance
they will prove to have been correct. They can be affected by
inaccurate or changed assumptions or by known or unknown risks and
uncertainties. Factors that could cause actual results to
differ materially from expected results include our ability to
comply with the covenants under our revolving credit facilities and
other indebtedness and the related impact on our ability to
continue as a going concern, the volatility of oil, natural gas and
NGL prices and other factors described under "Risk Factors" in Item
1A of our annual report on Form 10-K and our quarterly reports on
Form 10-Q for the quarters ended March 31,
2019 and September 30, 2019
and any updates to those factors set forth in Chesapeake's
subsequent quarterly reports on Form 10-Q or current reports on
Form 8-K (available
at http://www.chk.com/investors/sec-filings).
INVESTOR
CONTACT:
|
MEDIA
CONTACT:
|
Brad Sylvester,
CFA
|
Gordon
Pennoyer
|
(405)
935-8870
|
(405)
935-8878
|
ir@chk.com
|
media@chk.com
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/chesapeake-energy-corporation-receives-continued-listing-notice-from-nyse-300974407.html
SOURCE Chesapeake Energy Corporation