(Harvest Natural Resources, Inc., 29.Apr.2016) — Harvest Natural Resources, Inc. announced that, on April 25, 2016, the New York Stock Exchange (NYSE) notified the company that it had fallen below the NYSE’s continued listing standards, which provide 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.
As required by NYSE rules, the company has notified the NYSE that, within 45 days of receipt of the NYSE’s notice, the company will submit a business plan that demonstrates its ability to regain compliance within 18 months. The NYSE will either accept the business plan, at which time the company will be subject to quarterly monitoring for compliance with the plan, or will not accept the plan. 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 company’s business operations, securities reporting requirements and debt obligations are unaffected by the NYSE’s notice.
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