Penn Virginia Corporation (NYSE:PVA) – an independent exploration, development and production company, primarily focused on the Eagle Ford – disclosed today that it has received notice from the New York Stock Exchange (NYSE) that the average closing price of its common stock for the last 30 consecutive trading days was less than $1.00 per share, which is below the price required by NYSE’s continued listing standards.
Under NYSE rules, the Company will regain compliance if, on the last trading day of any calendar month occurring during the next six months, PVA’s common stock closing share price and its consecutive 30 trading-day average closing share price are at least $1.00 per share. During this period, the Company’s common stock will continue to be traded on the NYSE, subject to compliance with other NYSE listing requirements. In compliance with NYSE procedures, the Company intends to notify the NYSE within ten business days of its intent to cure this deficiency and return to compliance with NYSE continued listing standards.
The NYSE notification does not affect the Company’s business operations or its SEC reporting requirements and does not cause an event of default under any of its debt agreements.
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