Rex Energy’s Stock Out of Woods, NASDAQ Won’t De-List

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 Energy stories here). The company’s stock has taken a big hit over the past five years. Rex’s stock (REXX) is traded on the Nasdaq Stock Exchange and last December Nasdaq told Rex the stock would remain listed for the time being–but only if the company could get meet the minimum requirement of the per share price trading for at least $1/share for 10 consecutive trading days (see Rex Energy Stock Threatened with De-Listing by Nasdaq). Nasdaq gave Rex until June 17 of this year to comply–or get banished to the penny stock pink sheets. A common “fix” for low per-share stock prices is to combine outstanding shares into a smaller number of shares–something called a reverse stock split. In May, Rex conducted a 1-for-10 reverse stock split, combining 10 outstanding shares into 1 outstanding share, thereby boosting the per share price (see Rex Energy Offers 1-for-10 Stock Split, Updated 2-Yr Plan). The plan worked. On May 30, Nasdaq informed Rex they are now out of the woods and no longer in danger of being de-listed…

Please Login to view this content. (Not a member? Join Today!)