NYSE rules require that a company's ending and average share price do not fall below $1.00 over a consecutive 30-day trading period.
GMX saw its shares slide below that threshold on 17 May. The Oklahoma City-based operator has lost 84% of its value in the past 11 months since hitting a high of $5.36 per share on 21 July 2011.
Shares closed at 84 cents on Thursday, off more than 5% from a day earlier.
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