Halcón Receives Notice from NYSE
03 June 2016 - 6:30AM
On May 26, 2016, Halcón Resources Corporation (NYSE: HK) (“Halcón”
or the “Company”) received notice from the New York Stock Exchange
(the “NYSE”) that the price of its common stock has fallen below
the NYSE’s continued listing standard. The NYSE requires the
average closing price of a listed company’s common stock not be
less than $1.00 per share for a period of 30 consecutive trading
days.
Under NYSE rules, the Company will regain compliance if, during
the six month period following receipt of the NYSE notice and on
the last trading day of any calendar month, its common stock price
per share and 30 trading-day average share price is at least $1.00.
During this period, the Company’s common stock will continue to be
traded on the NYSE, subject to compliance with other NYSE listing
requirements. Halcón has notified the NYSE of its intent to cure
this deficiency through the previously disclosed restructuring and
pre-packaged Chapter 11 filing it plans to commence within the next
several months.
The NYSE notification does not affect the Company’s previously
disclosed proposed restructuring plans, business operations or its
U.S. Securities and Exchange Commission (“SEC”) reporting
requirements and does not cause an event of default under any of
Halcón’s debt agreements.
Forward-Looking Statements
This release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as
amended. Statements that are not strictly historical
statements constitute forward-looking statements and may
often, but not always, be identified by the use of such
words such as "expects", "believes", "intends", "anticipates",
"plans", "estimates", "potential", "possible", or "probable"
or statements that certain actions, events or results "may",
"will", "should", or "could" be taken, occur or be achieved.
Forward-looking statements are based on current beliefs
and expectations and involve certain assumptions or
estimates that involve various risks and uncertainties
that could cause actual results to differ materially from
those reflected in the statements. These risks include, but are not
limited to, the ability to consummate a restructuring plan in
accordance with the terms previously disclosed; risks attendant to
the planned bankruptcy process, including the effects thereof on
the Company’s business and on the interests of various
constituents, the length of time that the Company might be required
to operate in bankruptcy and the continued availability of
operating capital during the pendency of such proceedings; risks
associated with third party motions in any bankruptcy case, which
may interfere with the ability to confirm and consummate a plan of
reorganization, potential adverse effects on the Company's
liquidity or results of operations; increased costs to execute the
reorganization, effects on market price of the Company's common
stock and on the Company's ability to access the capital markets,
and the risks set forth in the Company's Annual Report on Form 10-K
for the fiscal year ended December 31, 2015 and other filings
submitted by the Company to the SEC, copies of which may
be obtained from the SEC's website at
www.sec.gov or through the Company's website
at www.halconresources.com. Readers should not place
undue reliance on any such forward-looking statements, which are
made only as of the date hereof. The Company has no duty,
and assumes no obligation, to update forward-looking
statements as a result of new information, future events
or changes in the Company's expectations.
About Halcón Resources
Halcón Resources Corporation is an independent energy company
engaged in the acquisition, production, exploration and development
of onshore oil and natural gas properties in the United States.
Contact:
Quentin Hicks
SVP, Finance & Investor Relations
Halcón Resources
(832) 538-0557
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