Business
Obsidian Energy Receives Continued Listing Standard Notification from the New York Stock Exchange Regarding the Price of its Common Shares
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 Regarding the Price of its Common Shares\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, Sept. 18, 2018\n\n\n\nCALGARY, Sept. 18, 2018 /CNW/ - OBSIDIAN ENERGY LTD. (TSX/NYSE - OBE) (\"Obsidian Energy\", the \"Company\", \"we\", \"us\" or \"our\") announces that it received notification on September 18, 2018 from the New York Stock Exchange (the \"NYSE\") that Obsidian Energy 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 14, 2018, 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. We believe that the continued execution of the Company's business plan will lead to an increase in the share price over time and thereby bring Obsidian Energy into compliance with the Minimum Share Price Listing Standard.\nNon-compliance with the NYSE's price listing standard does not affect Obsidian Energy's business operations or its reporting requirements to the U.S. Securities and Exchange Commission (the \"SEC\"), nor does it affect the continued listing and trading of Obsidian Energy's common shares on the Toronto Stock Exchange (the \"TSX\"). Obsidian Energy intends to notify t...