Rex Energy stock performance last 3 mos – until it stopped trading on 4-11-18 (click for larger version)
The walls continue to close in on Rex Energy. Yesterday Rex’s stock was officially de-listed from the Nasdaq Stock Exchange. Rex’s stock can now only be bought and sold over-the-counter (OTC), sometimes referred to as the Pink Sheets. MDN told you that Nasdaq warned Rex in November that the stock would be de-listed unless stockholder equity (number of shares of stock times the share price) was boosted (see Rex Energy Once Again Threatened with NASDAQ De-listing). Last November shareholder equity was a paltry $2.5 million. That is, Rex’s “value” on paper was $2.5M. It wasn’t the first time Rex had been warned by Nasdaq. Previously Rex pulled a rabbit out of the hat and met Nasdaq’s criteria for continued listing. This time they could not, and consequently it’s now harder to find/buy/sell shares of Rex stock. As we told you just last week, Rex is heading full steam ahead toward bankruptcy. They missed an important interest payment on outstanding debt (see Rex Energy Defaults on IOUs, Can’t File Annual Report on Time). Rex has not yet filed for bankruptcy, but it appears there are very few options left…
