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Halcón Resources Corp. had trading of its stock on the New York Stock Exchange (NYSE) suspended July 22 due to “abnormally low” trading price levels.
After losing its founder and several members of its executive team earlier this year, Houston-based Halcón has struggled to meet the $1 per share NYSE listing requirement. The company was first threatened with NYSE delisting on May 31.
On July 22, Halcón shares closed at about 15 cents, down from the roughly $3 to $4 the company’s stock was trading a year ago.
Delisting proceedings to delist Halcón stock has begun, the company said. Halcón expects its stock to begin trading over-the-counter on July 23, according to a company release.
May 2019 Investor Presentation)
Facing pressure for a sale by activist investor Fir Tree Partners, Halcón CEO Floyd Wilson, which had formed the company nearly a decade ago, agreed to step down in February along with other executives Mark Mize and Steve Herod.
Since then, Wilson has emerged with a new venture named Falconer Oil and Gas. Halcón also appointed Richard Little, who formerly led Ajax Resources, as its new CEO in June.
Additionally, in late March, Halcón engaged Tudor, Pickering, Holt & Co. and Perella Weinberg Partners to assist the company in evaluating strategic and financial alternatives.
Halcón, which once held acreage in multiple U.S. shale plays, now solely focuses in the Permian Basin where it holds about 57,000 net acres in West Texas. As of May, the company was running a two-rig program focused on its Monument Draw assets in Ward County, Texas, within the Delaware Basin.
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Emily Patsy can be reached at epatsy@hartenergy.com.
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