RE:RE:Baytex will find a way to get to $1 usd before the deadlineOn March 24, 2020 we received notice from the New York Stock Exchange (“NYSE”) that Baytex was no longer in compliance with one of the NYSE’s continued listing standards because the average closing price of Baytex’s common shares was less than US$1.00 per share over a consecutive 30 trading period. Under the NYSE’s rules, Baytex can avoid delisting if, within six months from the date of the NYSE notification, its common shares have a closing price on the last trading day of any calendar month and a concurrent 30 trading day average closing price of at least US$1.00 per share. On April 21, 2020, the NYSE announced temporary relief to provide noncompliant issuers additional time to cure the noncompliance. As a result, the NYSE has provided Baytex an extension to December 3, 2020 (from September 24, 2020). If at the expiration of this date, Baytex has not regained compliance, the NYSE will commence suspension and delisting procedures
The NYSE can also commence accelerated delisting action in the event Baytex’s common shares trade at levels viewed by the NYSE to be abnormally low, which the NYSE has advised is typically below US$0.16 per share.
At this time, Baytex does not expect to propose a share consolidation as a means of curing the deficiency. Non-compliance with the NYSE’s price listing standard does not affect Baytex’s business operations or its reporting requirements to the U.S. Securities and Exchange Commission (the “SEC“), nor does it affect the continued listing and trading of Baytex’s common shares on the Toronto Stock Exchange (the “TSX“).
Unlucky13 wrote: Too late. The stock has to be above $1 on the US side for thirty straight days to avoid delisting. Delisting will happen on the NYSE. To avoid that they can do a reverse split and they will, so the new stock price will be $5. Completely devastating as long term shareholder now need $50 USD plus a share to break even. Not likely, more likely the stock slides back to 50 cent range. We are doomed.