(Pioneer, 12.Jun.2019) — Pioneer Energy Services announced that it has been notified by the New York Stock Exchange (NYSE) that its common stock does not satisfy one of the NYSE’s standards for continued listing. The NYSE requires that the average closing price per share of a listed company’s stock be no less than $1.00 over a consecutive 30 trading-day period. As of June 11, 2019, the date of the NYSE notice, the 30 trading-day average closing price of Pioneer Energy Services common stock was $0.89 per share.
Under the NYSE’s rules, Pioneer has six months following receipt of the notification to regain compliance with the minimum share price requirement. Pioneer can regain compliance at any time during the six-month cure period if Pioneer’s common stock has a closing share price of at least $1.00 on the last trading day of any calendar month during the six-month period and also has an average closing share price of at least $1.00 over the 30-trading day period ending on the last trading day of that month. During this period, Pioneer’s common stock is permitted to continue to trade on the NYSE under the symbol “PES,” but will have an added designation of “.BC” to indicate the status of the common stock as “below compliance.” As required by the NYSE, Pioneer intends to notify the NYSE by June 25, 2019 of its intent to cure the price deficiency.