Jones Energy, Inc. Receives Continued Listing Standard Notice From the NYSE
December 29 2017 - 4:30PM
Jones Energy, Inc. (NYSE:JONE) (“Jones Energy” or the “Company”)
today announced that it received notification on December 26, 2017
from the New York Stock Exchange (“NYSE”) that the Company was
noncompliant with certain continued listing standards because the
price of the Company’s Class A common stock over a period of 30
consecutive trading days had fallen below $1.00 per share, which is
the minimum average closing price per share required to maintain a
listing on the NYSE. As required, the Company will submit a letter
confirming its receipt of the notice to the NYSE within 10 business
days.
Jones Energy now has a six-month cure period to regain
compliance. Within the cure period, the Company may regain
compliance if the closing price per share is $1.00 or higher on the
last trading day of a given month, or at the end of the cure
period. Additionally, the 30-day average closing price per share
must also be $1.00 or higher.
The Company notified the NYSE that it intends to cure the price
deficiency, including by proposing a reverse stock split for
approval by the Company’s stockholders. Pursuant to NYSE rules, if
the Company’s stockholders approve the reverse stock split, the
Company will promptly consummate the transaction in order to regain
compliance with the price criteria. During the cure period, Jones
Energy stock will continue to be listed on the exchange so long as
it remains compliant with other continued listing standards. The
notice does not affect ongoing business operations of the Company
or its reporting requirements with the Securities and Exchange
Commission.
About Jones Energy
Jones Energy, Inc. is an independent oil and natural gas company
engaged in the development and acquisition of oil and natural gas
properties in the Anadarko basin of Texas and Oklahoma.
Additional information about Jones Energy may be found on the
Company’s website at: www.jonesenergy.com.
Investor Contact:Page Portas, 512-493-4834Investor Relations
AssociateOrRobert Brooks, 512-328-2953Executive Vice President
& CFO