Business Context and Reporting Period
This Form 8-K is a current report filed by Halcón Resources Corporation (trading symbol: HK) on May 30, 2019. The registrant is incorporated in Delaware and maintains its principal executive offices in Houston, Texas. The filing addresses a regulatory notice received from the New York Stock Exchange (NYSE) regarding the company's stock price performance.
Key Financial Metrics
This filing does not contain standard financial statements, revenue, profit, cash flow, or debt metrics. The only specific financial data point provided relates to the company's stock price:
- 30-Day Average Closing Price: $0.99 per share (as of May 23, 2019).
- NYSE Minimum Requirement: $1.00 per share average over 30 consecutive trading days.
Material Changes
The material event reported is the receipt of a notice from the NYSE on May 30, 2019, stating that the company failed to satisfy the continued listing standard under Section 802.01C of the NYSE Listed Company Manual. This failure is due to the average closing price of the common stock falling below the $1.00 threshold for 30 consecutive trading days.
Outlook, Management Commentary, and Risks
Management Plan: The company intends to notify the NYSE of its plan to cure the deficiency and will submit a letter outlining the specific actions to regain compliance.
Cure Period: The company has six months from the date of notification to regain compliance. Additional time may be granted if shareholder approval is required for remedial steps.
Compliance Criteria: To regain compliance, the stock must close at or above $1.00 on the last trading day of any calendar month during the cure period, and maintain an average closing price of at least $1.00 over the 30-trading day period ending on that date.
Immediate Impact: The notice has no immediate impact on the listing status; the stock will continue to trade on the NYSE under the symbol "HK" during the cure period, subject to other listing standards.
Investor Verification Checklist
- Verify the current trading price of Halcón Resources Corporation (HK) to assess the likelihood of meeting the $1.00 threshold within the six-month cure period.
- Monitor future filings for the specific "letter outlining actions" the company intends to submit to the NYSE to cure the deficiency.
- Check for any announcements regarding shareholder meetings if the company requires shareholder approval to implement a reverse stock split or other capital structure changes.
- Review the press release dated May 31, 2019 (Exhibit 99.1) for any additional commentary not included in the 8-K text.