SandRidge Delisted by NYSE

摘要

Embattled US E&P SandRidge Energy was given notice last week that trading of its shares on the New York Stock Exchange (NYSE) would be halted as part of a delisting process. In late July, the NYSE alerted SandRidge that its average stock price had slipped below $1 for a period of 30 days, putting it at risk of being delisted. Losing access to capital is one of the main reasons that companies try to avoid delisting, but SandRidge boasts relatively strong liquidity compared to some of its distressed peers. At the end of the third quarter, the company's liquidity totaled about $1.2 billion, which includes roughly $700 million in cash and $500 million undrawn on its revolving credit facility. SandRidge previously considered a reverse stock split that reduces the number of shares but lifts the price of those shares proportionately.