ION Geophysical has received a written notice from the New York Stock Exchange that it is not in compliance with the continued listing standards.
The company is considered below criteria established by the NYSE for continued listing because its average market capitalization has been less than $50 million over a consecutive 30 trading-day period, and at the same time its last reported stockholders’ equity was below $50 million.
ION said it plans to notify the NYSE within 10 business days of its intent to submit a plan that demonstrates its ability to bring the company into conformity with the continued listing standards within 18 months of receipt of the notice.
The company intends to submit the plan within 45 days. The NYSE will have 45 days after receipt of the plan to review and determine whether the ION has made a reasonable demonstration of its ability to return to conformity with the relevant standards within the 18-month period. During the 18-month period, the company’s shares will continue to be listed and traded on the NYSE, subject to its continued compliance with the plan and other NYSE continued listing standards. ION said it can provide no assurances that it will be able to satisfy any of the steps outlined above and maintain a listing of its shares.
Brian Hanson, ION’s CEO and president stated, “We have already begun preparation on our plan to restore compliance with the NYSE as our business continues to improve and we will cooperatively work with the NYSE to return to compliance.”