Whiting USA Trust II Announces Receipt of Notice from NYSE Regarding Continued Listing Standards; Expects Delisting
January 06 2016 - 9:36AM
Business Wire
Whiting USA Trust II (NYSE: WHZ) today announced that it
received notice on January 4, 2016 from the New York Stock Exchange
(the “NYSE”) that it does not satisfy the NYSE’s continued listing
standards, which requires that the average closing price of the
Trust units cannot be less than $1.00 per unit over a period of 30
consecutive trading days. Under the NYSE delisting procedures, the
Trust has the right to certain cure periods if it can demonstrate
its intent to cure the deficiency. In order to save the Trust
administrative costs, including potential significant expenses
associated with reverse split votes or other actions intended to
remedy the deficiency and ongoing NYSE listing fees, the Trust does
not intend to cure the deficiency. Consequently, the Trust expects
that the Trust units will be delisted from the NYSE and transition
to OTC Pink, which is operated by OTC Markets Group. There is no
assurance that an active market in the Trust units will develop on
OTC Pink.
This press release contains forward-looking statements,
including all statements made in this press release other than
statements of historical fact. No assurances can be given that such
statements will prove to be correct. Whether and when the Trust
units will be delisted and whether a market in the Trust units
develops is affected by factors outside of the control of the Trust
or Whiting, including actions of the NYSE and market participants,
among others. Statements made in this press release are qualified
by the cautionary statements made in this press release. The
Trustee does not intend, and assumes no obligation, to update any
of the statements included in this press release.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160106006171/en/
Whiting USA Trust IIThe Bank of New York Mellon Trust
Company, N.A., as TrusteeMike Ulrich,
512-236-6599http://WhitingWHZ.investorhq.businesswire.com/
(NYSE:WHZ)
Historical Stock Chart
From Sep 2024 to Oct 2024
(NYSE:WHZ)
Historical Stock Chart
From Oct 2023 to Oct 2024