Business Context and Reporting Period
This Form 8-K was filed by Halcón Resources Corporation (not Battalion Oil Corp) on May 26, 2016. The report addresses a regulatory notice received from the New York Stock Exchange (NYSE) regarding the company's continued listing status.
Key Financial Metrics
The filing does not provide comprehensive financial statements, revenue, profit, cash flow, or debt metrics. The only specific financial data point disclosed is the stock price performance:
- 30-Day Average Closing Price: $0.98 per share (as of May 24, 2016).
- NYSE Minimum Requirement: $1.00 per share average over 30 consecutive trading days.
Material Changes
The material event reported is the failure of the company's common stock to maintain the minimum average closing price required by the NYSE Listed Company Manual (Section 802.01C). The stock price fell below the $1.00 threshold for 30 consecutive trading days.
Outlook, Management Commentary, and Risks
Management Response: The Company has notified the NYSE of its intent to cure the deficiency and return to compliance.
Cure Period: The Company has been granted a six-month period following the notification to regain compliance.
Compliance Criteria: To regain compliance, the stock must achieve a closing price of at least $1.00 on the last trading day of any calendar month during the cure period, along with a 30-trading day average closing price of at least $1.00 ending on that date or the last day of the cure period.
Current Status: The notice has no immediate impact on the listing; 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 and 30-day average of Halcón Resources Corporation (HK) to assess progress toward the $1.00 threshold.
- Monitor subsequent filings to confirm if the company successfully cures the deficiency within the six-month window.
- Review the company's most recent 10-K or 10-Q for underlying financial performance drivers affecting the stock price.
- Confirm the company name discrepancy in the request metadata; the filing is for Halcón Resources Corporation, not Battalion Oil Corp.