Seventy Seven Energy Inc. Announces Receipt of Notice from NYSE Regarding Non-Compliance with Continued Listing Standard
Seventy Seven Energy Inc. (NYSE: SSE) announced today that it has
received notice from the New York Stock Exchange (“NYSE”) of
non-compliance with the NYSE continued listing standard that requires
the average closing price of the Company’s common stock to be not less
than $1.00 per share over a period of 30 consecutive trading days.
The Company has notified the NYSE of its intent to cure the deficiency
and return to compliance with the NYSE’s continued listing requirements.
The Company can regain compliance if, during the six-month period
following receipt of the NYSE notice, the Company’s common stock has a
closing share price and a 30-trading-day average closing share price on
the NYSE of at least $1.00 on the last trading day of any calendar month
or on the last day of the cure period.
Subject to the Company’s compliance with other continued listing
requirements, the Company’s common stock will continue to be traded on
the NYSE during the cure period.
The NYSE notification does not affect the Company’s business operations
or its U.S. Securities and Exchange Commission reporting requirements
and does not cause an event of default under any of the Company’s debt
About Seventy Seven Energy Inc.
Headquartered in Oklahoma City, SSE provides a wide range of wellsite
services and equipment to U.S. land-based exploration and production
customers. SSE’s services include drilling, hydraulic fracturing and
oilfield rentals and its operations are geographically diversified
across many of the most active oil and natural gas plays in the onshore
U.S., including the Anadarko and Permian basins and the Eagle Ford,
Haynesville, Marcellus, Niobrara and Utica shales. For additional
information about SSE, please visit our website at www.77nrg.com,
where we routinely post announcements, updates, events, investor
information and presentations and recent news releases.
This news release contains certain statements and
information that may constitute “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. All
statements, other than statements of historical facts that address
activities, events or developments that we expect, believe or anticipate
will or may occur in the future are forward-looking statements. The
words “intends,” “plans,” “will” and similar expressions, and the
negative thereof, are intended to identify forward-looking statements.
Forward-looking statements are not assurances of future performance.
These forward-looking statements are based on management’s current
expectations and beliefs. Although management believes that the
expectations and assumptions reflected in these forward-looking
statements are reasonable as and when made, no assurance can be given
that these assumptions are accurate or that any of these expectations
will be achieved (in full or at all). Moreover, our forward-looking
statements are subject to significant risks and uncertainties, many of
which are beyond our control, which may cause actual results to differ
materially. For additional information regarding known material factors
that could cause our actual results to differ, please see our filings
with the U.S. Securities and Exchange Commission (“SEC”), including our
Current Reports on Form 8-K that we file from time to time, Quarterly
Reports on Form 10-Q, and our 2014 Annual Report on Form 10-K filed with
the SEC on March 2, 2015. Readers are cautioned not to place undue
reliance on any forward-looking statement which speaks only as of the
date on which such statement is made. We undertake no obligation to
correct, revise or update any forward-looking statement after the date
such statement is made, whether as a result of new information, future
events or otherwise, except as required by applicable law.
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Copyright Business Wire 2016
Source: Business Wire
(January 21, 2016 - 4:30 PM EST)
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