ION Geophysical has received notice on August 11, 2015 from the New York Stock Exchange (NYSE) that the price of its common stock fell below the NYSE’s continued listing standards.
Namely, the NYSE requires the average closing price of a listed company’s common stock to remain above $1.00 per share over a consecutive 30 trading-day period. As of August 7, 2015, the 30 trading-day period average closing price of the company’s common stock was $0.98 per share.
ION Geophysical has six months to regain compliance with the NYSE continued listing requirements. The company said it will actively monitor its stock price and evaluate all available options in order to regain compliance within the prescribed time frame.
During the six-month period, ION Geophysical’s common stock will continue to be listed and traded on the NYSE, subject to compliance with other continued listing standards. According to ION Geo, the deficiency does not affect its ongoing business operations or its SEC reporting requirements.