Sanchez Energy Receives Notice from NYSE Regarding Additional Continued Listing Standard
January 08 2019 - 04:30PM
Sanchez Energy Corporation (NYSE: SN) today announced that it has
received notice from the New York Stock Exchange (the “NYSE”) that
the company does not presently meet the additional NYSE continued
listing standard which requires that a company maintain an average
market capitalization of at least $50 million over a period of 30
consecutive trading days, unless at the same time the company’s
total stockholders’ equity is equal to or greater than $50 million.
In accordance with applicable NYSE procedures,
the company plans to timely notify the NYSE that it intends to
present a plan to meet the minimum market capitalization
requirement. The NYSE provides for a period of 45 days from
receipt of the notice to submit a plan advising the NYSE of
definitive actions the company has taken, or is taking, that would
bring it into conformity with the market capitalization listing
standard within 18 months of receipt of the notice. The
notice has no immediate impact on the listing of the company’s
common stock, which will continue to trade on the NYSE subject to
the company’s compliance with the other continued listing
requirements. The company is currently evaluating its
available options and developing a plan to return to conformity
with the minimum market capitalization requirement.
As previously announced on Dec. 21, 2018, the
company was notified by the NYSE that the average closing price of
its common stock over a period of 30 consecutive trading days was
below $1.00 per share, which is the minimum average closing price
per share required by the NYSE for continued listing. In
accordance with applicable NYSE procedures, the company notified
the NYSE of its intent to pursue actions to meet the minimum
average share price requirement and restore its compliance with the
relevant standards within the six-month period allowed by the
NYSE.
ABOUT SANCHEZ ENERGY
CORPORATIONSanchez Energy Corporation (NYSE: SN) is an
independent exploration and production company focused on the
acquisition and development of U.S. onshore unconventional oil and
natural gas resources, with a current focus on the Eagle Ford Shale
in South Texas. For more information about Sanchez Energy
Corporation, please visit our website:
www.sanchezenergycorp.com.
FORWARD LOOKING STATEMENTSThis
press release contains, and our officers and representatives may
from time to time make, forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements, other than statements of historical facts, included
in this press release that address activities, events or
developments that Sanchez Energy expects, believes or anticipates
will or may occur in the future are forward-looking statements,
including statements relating to the continued listing and trading
of the company’s common stock on the NYSE or ability to timely
develop or successfully implement a plan that is acceptable to the
NYSE. Known material factors that could cause the Company’s actual
results to differ materially from the results contemplated by such
forward-looking statements include, but are not limited to, the
failure to successfully execute our business and financial
strategies, the failure of acquired assets and our joint ventures
to perform as anticipated, the costs of operations, delays, and any
other difficulties related to producing oil or gas, the price of
oil or gas, the marketing and sales of produced oil and gas, the
estimates made in evaluating reserves, competition, general
economic conditions and the ability to manage our growth,
disruptions due to extreme weather conditions, the uncertainty of
the stock market and its and other factors’ impact on our ability
to return to conformity with NYSE’s market capitalization
requirement and the minimum average share price requirement and
other factors described in Sanchez Energy's most recent Annual
Report on Form 10-K and any updates to those risk factors set forth
in Sanchez Energy's Quarterly Reports on Form 10-Q or Current
Reports on Form 8-K. Further information on such assumptions,
risks and uncertainties is available in Sanchez Energy's filings
with the U.S. Securities and Exchange Commission (the “SEC”).
Sanchez Energy's filings with the SEC are available on our website
at www.sanchezenergycorp.com and on the SEC's website at
www.sec.gov. In light of these risks, uncertainties and
assumptions, the events anticipated by Sanchez Energy's
forward-looking statements may not occur, and, if any of such
events do occur, Sanchez Energy may not have correctly anticipated
the timing of their occurrence or the extent of their impact on its
actual results. Accordingly, you should not place any undue
reliance on any of Sanchez Energy's forward-looking statements. Any
forward-looking statement speaks only as of the date on which such
statement is made, and Sanchez Energy undertakes no obligation to
correct or update any forward-looking statement, whether as a
result of new information, future events or otherwise, except as
required by applicable law.
COMPANY CONTACT:Kevin SmithVP
Investor Relations(281) 925-4828
Cham KingFinance & Business Development(713)
756-2797
General Inquiries: (713)
783-8000www.sanchezenergycorp.com