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(Alliance News) - Kosmos Energy Ltd on Thursday said it was warned by the New York Stock Exchange that its 30-day average closing price has lagged below the USD1.00 minimum.
The USD1.00 price is the minimum needed to maintaining a listing on the NYSE, Kosmos explained.
"Kosmos has notified the NYSE of its intention to return to compliance with the NYSE listing requirements within the six-month cure period. Under the NYSE rules, the company can regain compliance at any time during the six-month cure period if, on the last trading day of any calendar month during the cure period, its common stock has a closing share price of at least USD1.00 and an average closing share price of at least USD1.00 over the 30 trading-day period ending on the last trading day of that month," the company said.
Shares in the company were 5.2% higher at USD1.21 each in pre-market trading in New York on Thursday morning. In London, shares were 5.0% higher at 95.00 pence each.
Kosmos added: "Kosmos is considering options to regain compliance, which may include a reverse stock split, if necessary. During the cure period, Kosmos's shares of common stock will continue to trade on the NYSE."
By Eric Cunha; ericcunha@alliancenews.com
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