Cobalt International Energy, Inc. (NYSE:CIE) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item3.01. Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing.
On February27, 2017, Cobalt International Energy, Inc. (the
Company) received written notice (the
NYSENotice) from the New York Stock
Exchange (the NYSE) that the Company is
not in compliance with the NYSE continued listing standard set
forth in Section802.01C of the NYSE Listed Company Manual, which
requires the average closing price of the Companys common stock
to be at least$1.00 pershare over any 30 consecutive trading day
period.
In accordance with the applicable NYSE procedures, the Company
has notified the NYSE on February28, 2017, of its intent to cure
the deficiency and restore its compliance with theNYSEcontinued
listing standard. The Company has a period of six months
following the receipt of the NYSE Notice to regain compliance.
The Company can regain compliance at any time during the
six-month cure period if its common stock has a closing share
price of at least $1.00 on the last trading day of any calendar
month during the period and also has an average closing share
price of at least $1.00 over the 30 trading day period ending on
the last trading day of that month or on the last day of the cure
period.
The Companys common stock will continue to be listed and traded
on theNYSEduring this six-month cure period, subject to the
Companys compliance with other continued listing requirements set
forth in the NYSE Listed Company Manual. The Companys common
stock symbol CIE will be assigned a .BC indicator by the NYSE to
signify that the Company is not currently in compliance with the
NYSEs continued listing requirements. If the Company fails to
regain compliance with Section802.01C of the NYSE Listed Company
Manual during the cure period, the Companys common stock will be
subject to the NYSEs suspension and delisting procedures.
Item7.01. Regulation FD Disclosure
On February28, 2017, the Company issued a press release
announcing receipt of the NYSE Notice. The press release is
furnished as Exhibit99.1 to this Current Report on Form8-K.
The information furnished under this Item7.01 of this Current
Report on Form8-K, including Exhibit99.1 hereto, is being
furnished and shall not be deemed filed for purposes of Section18
of the Securities Exchange Act of 1934, as amended (the Exchange
Act), nor shall it be deemed incorporated by reference in any
filing under the Act or the Exchange Act, except as shall be
expressly set forth by specific reference in such filing.
Item9.01. Financial Statements and Exhibits.
(d) Exhibits
|
Exhibit No. |
Description |
|
| 99.1 | Press Release dated February28, 2017 |
About Cobalt International Energy, Inc. (NYSE:CIE)
Cobalt International Energy, Inc. is an independent exploration and production company. The Company has its operations focused in the deepwater United States Gulf of Mexico. The Company also has a non-operated interest in the Diaba Block offshore Gabon in West Africa. The Company’s exploration efforts in the United States Gulf of Mexico has resulted in four oil and natural gas discoveries including the North Platte, Shenandoah, Anchor and Heidelberg fields. The Heidelberg field commenced its production and the North Platte, Shenandoah and Anchor field are in various stages of appraisal and development. The Company has drilled nine exploratory wells, three appraisal wells and four development wells (one of, which was drilled to be used as a pressure-maintenance well in the Cameia development) in the northern pre-salt Kwanza Basin offshore Angola, and one exploratory well in the pre-salt deepwater region offshore Gabon. The Company’s fifteen wells has been finding pre-salt hydrocarbons. Cobalt International Energy, Inc. (NYSE:CIE) Recent Trading Information
Cobalt International Energy, Inc. (NYSE:CIE) closed its last trading session down -0.053 at 0.710 with 10,764,777 shares trading hands.