Jones Energy,Inc. (NYSE:JONE) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Ruleor Standard; Transfer of Listing.
On March23, 2018, Jones Energy,Inc. (the “Company”) was notified (the “Notice”) by the New York Stock Exchange (the “NYSE”) that the average closing price of the Company’s ClassA common stock (the “Common Stock”) over the prior 30 consecutive trading days had fallen below $1.00 per share, which is the minimum average closing price required to maintain listing on the NYSE under Section802.01C of the NYSE Listed Company Manual (“Section802.01C”). The Company previously received a similar notice on December26, 2017 but regained compliance on February1, 2018.
to Section802.01C, the Company has a period of six months (subject to possible extension) following the receipt of the Notice to regain compliance with the minimum share price criteria. In order to regain compliance, on the last trading day in any calendar month or at the end of the cure period, the Common Stock must have (i)a closing price of at least $1.00 per share and (ii)an average closing price of at least $1.00 per share over the 30-consecutive trading-day period ending on the last trading day of such month. If the Company is unable to regain compliance, the NYSE will initiate procedures to suspend and delist the Common Stock.
In accordance with Section802.01C, the Company timely notified the NYSE of its intent to cure the price deficiency to regain compliance with the NYSE’s price criteria, including by proposing a reverse stock split for approval by the Company’s stockholders. to Section802.01C, if the Company’s stockholders approve the reverse stock split, and if the Company has not otherwise regained compliance, the Company intends to promptly consummate the transaction in order to regain compliance with the requirements of the NYSE Listed Company Manual.
The Notice has no immediate impact on the listing of the Common Stock, which will continue to be listed and traded on the NYSE during the applicable cure period under the symbol “JONE”, subject to the Company’s compliance with the other listing requirements of the NYSE. However, the symbol will have an added designation of “.BC” to indicate the status of the Common Stock as below compliance with the NYSE continued listing standards. The “.BC” indicator will be removed at such time as the Company is deemed compliant.
The Notice does not affect ongoing business operations of the Company or its reporting requirements with the Securities and Exchange Commission.
Item 7.01 Regulation FD Disclosure.
On March28, 2018, the Company issued a press release announcing the receipt of the Notice. A copy of the press release is furnished as Exhibit99.1 hereto and is incorporated by reference herein.
The information disclosed in Item 7.01, 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”), or otherwise subject to the liabilities under that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such filing.
