Business Context and Reporting Period
This Form 8-K filing by Comstock Resources, Inc. is dated May 27, 2016. The report addresses the status of the Company's listing on the New York Stock Exchange (NYSE) following a previous notification of non-compliance with continued listing standards.
Key Financial Metrics
The filing does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. However, it references the financial thresholds that triggered the prior listing review:
- Average stock price traded below $1.00 per share for over 30 consecutive trading days.
- Average market capitalization was less than $50 million.
- Stockholders' equity was less than $50 million.
Material Changes
On March 30, 2016, the NYSE notified Comstock that it failed to meet continued listing standards due to the metrics listed above. On May 27, 2016, the NYSE accepted Comstock's business plan for continued listing. Consequently, the Company's common stock will remain listed on the NYSE pending quarterly reviews to ensure progress toward restoring full compliance.
Guidance, Outlook, and Risks
The Company's outlook is contingent upon its ability to execute the accepted business plan. The primary risk identified is the potential failure to meet the NYSE's continued listing standards during future quarterly reviews by the Listing and Compliance Committee. No specific financial guidance or management commentary regarding operational performance is included in this filing.
Investor Verification Points
- Verify the specific details of the business plan submitted to the NYSE to restore compliance.
- Monitor upcoming quarterly reviews by the NYSE Listing and Compliance Committee.
- Track the Company's stock price, market capitalization, and stockholders' equity to ensure they remain above the $1.00, $50 million, and $50 million thresholds, respectively.