Nuverra Environmental Solutions announced on Tuesday that it has received notification that trading of its stock on the New York Stock Exchange will be suspended before the opening of trading on January 20, 2016. The NYSE has suspended trading and initiated delisting procedures because Nuverra has fallen below the NYSE’s continued listing standard requiring an average global market capitalization during a consecutive 30 trading-day period of not less than $15.0 million.
Nuverra also announced that its common shares will be available for trading on the OTCQB Market beginning January 20, 2016 under the ticker symbol “NESC”. This transition to the OTCQB Market does not affect the Company’s business operations. The Company will continue to file periodic and certain other reports with the Securities and Exchange Commission under applicable federal securities laws.
Nuverra Environmental Solutions has become the second shale company to be delisted by the NYSE within one week, after Penn Virgina Corporation met with similar fate on 14th January.
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