Seems This Exchange Takes Financial Impairment Seriously
Gasco Energy Inc. said Tuesday that it's gotten notice from the NYSE MKT LLL that it will be delisted from the exchange.
The Denver-based natural gas and petroleum company, which trades as GSX, submitted a plan of compliance for listing that the exchange denied.
“The exchange has determined that the company has not made a reasonable demonstration of its ability to regain compliance … by June 30, 2013, and that the exchange intends to initiate delisting proceedings against the company by filing a delisting application with the Securities and Exchange Commission,” Gasco said in a news release.
Gasco Energy said previously that the problem comes from a section of the listing requirement that “applies if a listed company has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether such company will be able to continue operations and/or meet its obligations as they mature.”
Big deal. CXM is trading only 3 cents higher than Gasco with all its problems. At this point, it would probably be better for them (CXM) to get delisted. Anything to save money. Heck, the stock might even rally on the news.