Finance & Investing | Capital Markets
Chesapeake Out of NYSE Compliance; Mulls Possible Reverse Stock Split
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Chesapeake Energy Corp. has received a listing warning from the NYSE as the company has failed to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period.
The Company intends to regain compliance with the NYSE listing standards by several means, including:
- Executing on its current capital and operating program, which includes a planned 30% reduction in 2020 capital expenditures and ongoing implementation of operating cost efficiencies
- Continued debt reduction through capital market transactions and asset sales; and
- A potential reverse stock split, subject to shareholder approval at the May 2020 Annual Meeting of Shareholders
During this period, the Company's common stock will continue trading on the NYSE under its existing ticker symbol, with the addition of a suffix indicating the "below compliance" status of its common stock, as "CHK.BC."
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