HOUSTON, Jan. 16, 2015 /PRNewswire/ -- Hyperdynamics Corporation (NYSE: HDY) announced today that it received notice on January 9, 2015 from the New York Stock Exchange (NYSE) that it did not satisfy the NYSE's continued listing criteria. The NYSE noted that a Company will be considered "below criteria" if the average closing price of its security is less than $1.00 per share over a consecutive 30 trading-day period. As of January 8, 2015, the average price of Hyperdynamics common stock was $0.98. Hyperdynamics will have six months following receipt of the non-compliance notice to cure the deficiency for this continued listing standard. The HDY symbol will be assigned a ".BC" indicator to denote that it is below compliance with listing standards. Hyperdynamics will notify the NYSE within 10 business days of receipt of the non-compliance notice of its intent to cure the price deficiency and return to compliance with this continued listing standard.
In addition, the NYSE noted Hyperdynamics remains subject to NYSE continued listing standards with respect to the plan of Hyperdynamics to regain compliance with the $50 Million Standard. The $50 Million Standard requires the Company to maintain an average market capitalization and stockholders' equity greater than $50 million over a 30 trading-day period. In April 2014 Hyperdynamics received notice from the NYSE of falling below the $50 Million Standard. Hyperdynamics submitted a plan and provided periodic updates to the NYSE to regain compliance within 18 months. The Company's plan was accepted by the NYSE subject to continued monitoring.
The NYSE has notified Hyperdynamics it can take an accelerated listing action if meaningful improvement in valuation is not demonstrated or the Company's common stock trades at levels viewed by the NYSE to be abnormally low over a sustained period of time.
Hyperdynamics is an emerging independent oil and gas exploration and production company that is exploring for oil and gas offshore the Republic of Guinea in West Africa. To find out more, visit our website at www.hyperdynamics.com.
Forward Looking Statements
This news release and the Company's website referenced in this news release contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding Hyperdynamics Corporation's future plans and expected performance that are based on assumptions the Company believes to be reasonable. Statements preceded by, followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", "may increase", "may result", "will result", "may fluctuate" and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. A number of risks and uncertainties could cause actual results to differ materially from these statements, including without limitation, funding and exploration efforts, fluctuations in oil and gas prices and other risk factors described from time to time in the Company's reports filed with the Securities and Exchange Commission, including the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2014. The Company undertakes no obligation to publicly update these forward looking statements to reflect events or circumstances that occur after the issuance of this news release or to reflect any change in the Company's expectations with respect to these forward looking statements.
SOURCE Hyperdynamics Corporation