Cobalt International Energy, Inc. Receives Continued Listing Standard Notice from the NYSE
November 15 2017 - 5:00PM
Business Wire
Cobalt International Energy, Inc. (“Cobalt”) (NYSE:CIE) today
announced that on November 14, 2017, it was notified by The New
York Stock Exchange (“NYSE”) that Cobalt is no longer in compliance
with certain continued listing standards that are applicable to
Cobalt. Cobalt’s 30-day average closing share price as of November
13, 2017 was $0.95, in violation of the listing standard set forth
in Section 802.01C of the NYSE Listed Company Manual. This standard
requires the trailing 30-day average closing share price to remain
at or above $1.00.
As outlined in Section 802.01C of the NYSE Listed Company
Manual, upon receiving notice, Cobalt has a six-month cure period
to regain compliance. Within this cure period, Cobalt must have a
closing share price of $1.00 or higher on the last trading day of a
given month or at the end of the cure period. In addition, Cobalt’s
coinciding trailing 30-day average closing share price must also be
$1.00 or higher.
Cobalt has notified the NYSE of its intention to regain
compliance within the six-month cure period. During the cure
period, Cobalt’s stock will continue to be listed on the NYSE,
subject to its ability to remain in compliance with other continued
listing standards. The notice received from the NYSE does not
affect the ongoing business of Cobalt, nor does it trigger any
violations, including any event of default, of its secured or
unsecured debt obligations.
About Cobalt
Cobalt is an independent exploration and production company
active in the deepwater U.S. Gulf of Mexico and offshore West
Africa. Cobalt was formed in 2005 and is headquartered in Houston,
Texas.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the federal securities laws, including the safe
harbor provisions of the Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934 — that is,
statements related to future, not past, events. Forward-looking
statements are based on current expectations and include any
statement that does not directly relate to a current or historical
fact. In this context, forward-looking statements often address
Cobalt’s expected future business and financial performance, and
often contain words such as “anticipate,” “believe,” “may,” “will,”
“aim,” “estimate,” “continue,” “intend,” “could,” “expect,” “plan,”
and other similar words. These forward-looking statements involve
certain risks and uncertainties that ultimately may not prove to be
accurate. Actual results and future events could differ materially
from those anticipated in such statements. For further discussion
of risks and uncertainties, individuals should refer to Cobalt’s
SEC filings. Cobalt disclaims any obligation or undertaking, and
does not intend, to update these forward-looking statements to
reflect events or circumstances occurring after this press release,
other than as required by law. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. All forward-looking statements
are qualified in their entirety by this cautionary statement.
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version on businesswire.com: http://www.businesswire.com/news/home/20171115006417/en/
Cobalt International Energy, Inc.Investor Relations:Aaron
Skidmore, +1 713-457-4426Director, Investor RelationsorMedia
Relations:Lynne L. Hackedorn, +1 713-579-9115Vice President,
Government and Public Affairs