EXCO Resources, Inc. Common Shares to Begin Trading on the OTC Pink Marketplace
December 27 2017 - 1:51PM
Business Wire
EXCO Resources, Inc. (NYSE: XCO.BC) (OTC Pink: XCOO) (“EXCO” or
the “Company”) today announced that on December 22, 2017, EXCO was
notified by the New York Stock Exchange (“NYSE”) that the NYSE has
determined to commence proceedings to delist EXCO’s common shares
from the NYSE as a result of EXCO’s failure to maintain an average
global market capitalization over a consecutive 30 trading-day
period of at least $15 million pursuant to Section 802.01B of the
NYSE Listed Company Manual. The NYSE also suspended the trading of
EXCO’s common shares at the close of trading on December 22,
2017.
Under the NYSE Listed Company Manual, the Company has a right to
appeal this determination, provided a written request for such
appeal is submitted to the NYSE within ten business days after
receiving the notice of delisting. The Company has decided not to
seek an appeal.
The Company’s common shares commenced trading on the OTC Pink
Marketplace under the symbol “XCOO” on December 27, 2017. The
Company can provide no assurance that its common shares will
commence or continue to trade on this market, whether
broker-dealers will continue to provide public quotes of the
Company’s common shares on this market or whether the trading
volume of the Company’s common shares will be sufficient to provide
for an efficient trading market.
The delisting of EXCO’s common shares from the NYSE does not
affect EXCO’s business operations or its Securities and Exchange
Commission (“SEC”) reporting requirements and does not conflict
with or cause an event of default under any of the Company’s
material debt agreements.
EXCO is an oil and natural gas exploration, exploitation,
acquisition, development and production company headquartered in
Dallas, Texas with principal operations in Texas, North Louisiana
and the Appalachia region. EXCO’s headquarters are located at 12377
Merit Drive, Suite 1700, Dallas, TX 75251.
Additional information about EXCO Resources, Inc. may be
obtained by contacting Tyler Farquharson, EXCO’s Vice President,
Chief Financial Officer and Treasurer, at EXCO’s headquarters,
12377 Merit Drive, Suite 1700, Dallas, TX 75251, telephone number
(214) 368-2084, or by visiting EXCO’s website at
www.excoresources.com. EXCO’s SEC filings and press releases can be
found under the Investor Relations tab.
This release may contain forward-looking statements relating to
future financial results, business expectations and business
transactions. Actual results may differ materially from those
predicted as a result of factors over which EXCO has no control.
Such factors include, but are not limited to: EXCO’s liquidity,
sources of capital resources and ability to maintain compliance
with debt covenants, continued volatility in the oil and gas
markets, the trading of EXCO’s common shares on the OTC Pink
Marketplace, the estimates of reserves, commodity price changes,
regulatory changes and general economic conditions. These risk
factors are included in EXCO’s reports on file with the SEC. Except
as required by applicable law, EXCO undertakes no obligation to
publicly update or revise any forward-looking statements.
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EXCO Resources, Inc.Tyler Farquharson, 214-368-2084Vice
President, Chief Financial Officer and Treasurer