Thursday, June 21, 2012

"GMX Resources ($GMXR) Announces Notification From NYSE"

Today's press release:

"[T]he New York Stock Exchange (NYSE) provided notice that the decline in the Company's share price has caused it to be out of compliance with the NYSE's continued listing standards. Under the NYSE's rules, in order to get back in compliance with the listing standard, both the Company's ending share price and the average share price (over a consecutive 30 trading-day period) must exceed $1.00 within six months following receipt of the non-compliance notice..."
One way to handle this: do a debt for equity swap that gives the unsecured notes whatever percentage of the equity it takes to get them to trade in their notes. Then, do a reverse split.

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