Rex Energy, a driller focused mainly on the Marcellus/Utica (headquartered in State College, PA), has had its share of financial challenges. It has swapped out IOUs for new IOUs, converted debt into equity (shares of stock), sold off assets in other basins–a whole lotta stuff to keep on drilling (see our Rex stories here). The company’s stock has taken a big hit over the past five years. The one thing we never read or heard about, however, was a threat to de-list the company’s stock. Rex’s stock (REXX) is traded on the Nasdaq Stock Exchange. So it was somewhat surprising to read a statement by the company, issued yesterday, that quotes Nasdaq as saying the exchange has decided to allow Rex’s stock to continue trading–for now. Apparently there was some doubt about it. Who knew? However, Rex has a deadline of June 17, 2017 “to regain compliance with Nasdaq’s minimum bid price requirement.” So Rex has been put on notice: Get the per-share price up, or you’re banished to the penny stock pink sheets. The company’s stock as of this morning was trading at 50 cents per share…
