NYSE Threatens Halcon Resources with De-Listing of Stock

Halcon ResourcesThe bad news just keeps coming for Halcon Resources, a driller that “guessed wrong” by leasing 140,000 Utica Shale acres in the northern part of the play (in Ohio) and currently doesn’t drill on any of its Utica acreage. Earlier this month we reported that Halcon has cut a deal to file for bankruptcy (see Another One Bites the Dust: Halcon Resources Filing for Bankruptcy). In January the company quit paying dividends on its preferred stock (see Halcon Resources Suspends Dividend Payments for Preferred Stock). Last December, in a bid to keep the price of the stock from slipping below $1 per share, Halcon did a 1-for-5 reverse stock split, combining 5 shares into a single share (see Halcon Resources Announces 1-for-5 Stock Split to Avoid De-Listing). Oops. That strategy didn’t work out so well. Halcon has just received notice from the New York Stock Exchange that unless the company can get the share price above $1 for 30 consecutive days, the stock will be de-listed from the NYSE…

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