Penn Virginia Corporation – an independent oil and gas company engaged in the exploration, development and production of oil, NGLs and natural gas in the U.S. – has become the latest victim of the downturn on Monday when The New York Stock Exchange decided to delist the company’s common stock. The decision was caused by the stock’s “abnormally low” price levels rendering it “no longer suitable” for listing on the NYSE, in line with the Section 802.01D of the NYSE’s Listed Company Manual. The NYSE also suspended trading in the company’s common stock effective immediately.
The NYSE stated that it will apply to the Securities and Exchange Commission (SEC) to delist the company’s common stock upon completion of all applicable procedures, including any appeal by the company of the NYSE’s determination. It has been announced, however, that the company does not intend to appeal the delisting determination. Penn Virginia Corporation anticipates that its common stock will begin trading on the OTC Pink on January 13, 2016, under the symbol “PVAH”. The company also believes that the transition to the over-the-counter markets will not affect its business operations. It will also remain subject to the public reporting requirements of the SEC following the transfer.
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