Tough times: Jed Oil faces de-listing from the NYSE
NYSE flags Jed Oil for de-lisitng
Canada’s Jed Oil has been de-listed from the New York Stock Exchange as it no longer meets equity standards requirements.
As per Section 1003 (a) (i) a listed company must have either $2 million in shareholders’ equity or not have sustained losses from continuing operations or net losses in two out of three of its most recent fiscal years.
The company received a letter from the NYSE detailing its reasons for de-listing.
In addition to limited equity, the letter said: “JED has had sustained losses which are so substantial in relation to its overall operations and its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether JED would be able to continue operations and meet its obligations as they mature.”
It is Jed’s intention to appeal the decision, said the company in a statement.
The company has until 24 November to make a written application.