VAALCO Energy, Inc. (NYSE:EGY) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard Transfer of Listing.
On November 30, 2016, VAALCO Energy, Inc. (the Company) received
a notice from the New York Stock Exchange (the NYSE) that it was
not in compliance with the NYSEs continued listing requirements.
Specifically, Section 802.01B of the NYSE Listed Company Manual,
which provides that an NYSE-listed company is not in compliance
if its average global market capitalization over a consecutive 30
trading-day period is less than $50 million and, at the same
time, its stockholders equity is less than $50 million.
The Company will, within 45 days from the receipt of the notice,
submit a business plan to the NYSE demonstrating the Companys
ability to regain compliance with the NYSEs continued listing
standards within 18 months.Upon receipt of the plan, the NYSE has
45 days to review and determine if the plan reasonably
demonstrates the Company’s ability to regain compliance with the
minimum listing standards.If the NYSE accepts the plan, the
Company will be subject to quarterly monitoring for compliance
with the business plan and the Companys common stock will
continue to trade on the NYSE during the 18-month period, subject
to the Companys compliance with other NYSE continued listing
requirements.If the Company fails to comply with the business
plan or the NYSE does not accept the plan, the NYSE may commence
suspension and delisting procedures. The NYSE may choose to
shorten the usual compliance period if prior to the end of the 18
months the Companys market capitalization is over $50 million for
two consecutive quarters.
The NYSE notice does not affect the Companys business operations
or trigger any violation of its material debt or other
obligations. The Company expects to continue to file periodic and
certain other reports with the SEC as required by federal
securities laws. The Companys common stock will continue to be
traded on the NYSE under the symbol “EGY”, subject to the
Companys compliance with other NYSE continued listing
requirements, but will be assigned the notation .BC after the
listing symbol to signify that the Company is not currently in
compliance with the NYSEs continued listing standards.
Item 7.01Regulation FD Disclosure.
On December2, 2016, the Company issued a press release announcing
that it had received the NYSE Notice, as described above in Item
3.01. The press release is attached hereto as Exhibit 99.1 to
this Current Report on Form 8-K. The information included in this
Current Report on Form 8-K under Item 7.01 and Exhibit 99.1 is
being furnished and shall not be deemed filed for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended
(the Exchange Act), or otherwise subject to liabilities of that
Section, unless the registrant specifically states that the
information is to be considered filed under the Exchange Act or
incorporates it by reference into a filing under the Exchange Act
or the Securities Act of 1933, as amended.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits.
|
Exhibit Number |
Description |
|
99.1 |
Press Release, dated December2, 2016 |
About VAALCO Energy, Inc. (NYSE:EGY)
VAALCO Energy, Inc. is an independent energy company. The Company is engaged in the acquisition, exploration, development and production of crude oil and natural gas. Its segments include Gabon, Angola, Equatorial Guinea, the United States, and Corporate and other, which includes corporate and operations support. It owns producing properties and conducts exploration activities as an operator in Gabon, West Africa; conducts exploration activities as an operator in Angola, West Africa, and participates in exploration and development activities as a non-operator in Equatorial Guinea, West Africa. In the United States, it operates unconventional resource properties in North Texas and hold undeveloped leasehold acreage in Montana. It also owns minor interests in conventional production activities as a non-operator in the United States. Its Etame Marin block is located offshore the Republic of Gabon. It owns over 640-acre lease in the Hefley field (Granite Wash formation) in North Texas. VAALCO Energy, Inc. (NYSE:EGY) Recent Trading Information
VAALCO Energy, Inc. (NYSE:EGY) closed its last trading session up +0.009 at 0.810 with 544,347 shares trading hands.