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Obsidian Energy Receives Continued Listing Standard Notification from the New York Stock Exchange
Obsidian Energy Receives Continued Listing Standard Notification from the New York Stock E...
About this update from Obsidian Energy Ltd
[{"type":"text","content":"\n\n\n\nObsidian Energy Receives Continued Listing Standard Notification from the New York Stock Exchange\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Oct. 1, 2019\n\n\n\nCALGARY, Oct. 1, 2019 /CNW/ - OBSIDIAN ENERGY LTD. (TSX – OBE, NYSE – OBE.BC) (\"Obsidian Energy\", the \"Company\", \"we\", \"us\" or \"our\") received notification on October 1, 2019, from the New York Stock Exchange (the \"NYSE\") that the Company is no longer in compliance with one of the NYSE's continued listing standards because the average closing price of Obsidian Energy's common shares was less than US$1.00 per share over a consecutive 30 trading day period. As of September 27, 2019, the average closing price of Obsidian Energy's common shares over the preceding consecutive 30 trading day period was US$0.99 per share. The issuance of the notification is not discretionary and is sent automatically when a listed company's share price falls below the NYSE's minimum price listing standard.\nUnder the NYSE's rules, Obsidian Energy can avoid delisting if, within six months from the date of the NYSE notification, its common shares have a closing price on the last trading day of any calendar month and a concurrent 30 trading day average closing price of at least US$1.00 per share. If at the expiration of the applicable cure period Obsidian Energy has not regained compliance, the NYSE will commence suspension and delisting procedures. \nAs announced on September 10, 2019, the Board of Directors has initiated a formal process to explore strategic alternatives intended to evaluate the Company's strategic options and alternatives to maximize shareholder value. Obsidian Energy believes that this process is in the best interest of shareholders and may result in an increase of the share price over time and thereby bringing Obsidian Energy into compliance with the Minimum Share Price Listing Standard. \nObsidian Energy will continue trading on the NYSE until the end of the compliance cure period, which is expected to be approximately April 1, 2020. If...