UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: September 16, 2015 (September 14, 2015)
(Date of Earliest Event Reported)
PENN VIRGINIA CORPORATION
(Exact Name of Registrant as Specified in its Charter)
Virginia | 1-13283 | 23-1184320 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
Four Radnor Corporate Center, Suite 200 | ||||
100 Matsonford Road, Radnor, Pennsylvania | 19087 | |||
(Address of Principal Executive Offices) | (Zip Code) |
Registrants telephone number, including area code: (610) 687-8900
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 3.01. | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On September 14, 2015, Penn Virginia Corporation (the Company) was notified by the New York Stock Exchange (the NYSE) that the average closing price of the Companys common stock had fallen below $1.00 per share over a period of 30 consecutive trading days, which is the minimum average share price required by the NYSE under Section 802.01C of the NYSE Listed Company Manual. As of September 11, 2015, the 30 trading-day average closing price of the Companys common stock was $0.98 per share.
The Company plans to notify the NYSE by September 28, 2015 that it intends to cure the deficiency and to return to compliance with the NYSE continued listing requirements. The Company has six months following receipt of the notification to regain compliance with the minimum share price requirement, but may have additional time if shareholder approval is needed for any of its planned steps. The Company can regain compliance at any time during the six-month cure period if the Companys common stock has a closing share price of at least $1.00 on the last trading day of any calendar month during the period and also has an average closing share price of at least $1.00 over the 30-trading day period ending on the last trading day of that month or on the last day of the cure period.
The notice has no immediate impact on the listing of the Companys common stock, which will continue to be listed and traded on the NYSE during this period, subject to the Companys compliance with other listing standards, under the symbol PVA, but the NYSE will assign a .BC indicator to the symbol to denote that the Company is below the NYSEs quantitative continued listing standards. The non-compliance with the NYSE price listing standard described above does not conflict with the Companys revolving credit facility or other debt instruments.
Item 7.01. | Regulation FD Disclosure. |
On September 15, 2015, the Company issued a press release announcing that it had received the notice of noncompliance with the NYSE continued listing standards. A copy of this press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference. In accordance with General Instruction B.2 of Form 8-K, the information contained in this Item 7.01 and the press release are being furnished under Item 7.01 of Form 8-K and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall such information and exhibit be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. | Financial Statements and Exhibits. |
(d) | Exhibits. |
99.1 | Press release of Penn Virginia Corporation dated September 15, 2015. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 16, 2015
Penn Virginia Corporation | ||
By: | /S/ NANCY M. SNYDER | |
Name: | Nancy M. Snyder | |
Title: | Executive Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary |
Exhibit Index
Exhibit |
Description | |
99.1 | Press release of Penn Virginia Corporation dated September 15, 2015. |
Exhibit 99.1
Four Radnor Corporate Center, Suite 200
Radnor, PA 19087
Ph: (610) 687-8900 Fax: (610) 687-3688
www.pennvirginia.com
FOR IMMEDIATE RELEASE
PENN VIRGINIA CORPORATION DISCLOSES RECEIPT OF CONTINUED LISTING STANDARD NOTICE FROM NYSE
RADNOR, PA (Globe Newswire) September 15, 2015 Penn Virginia Corporation (NYSE: PVA) disclosed that it has received notice from the New York Stock Exchange (NYSE) that the average closing price of its common stock for the last 30 consecutive days trading days was less than $1.00 per share, which is below the price required by NYSEs listing requirement.
Under NYSE rules, the Company will regain compliance if, on the last trading day of any calendar month occurring during the next six months, PVAs common stock closing share price and its consecutive 30 trading-day average closing share price are at least $1.00 per share. During this period, the Companys common stock will continue to be traded on the NYSE, subject to compliance with other NYSE listing requirements. In compliance with NYSE procedures, the Company intends to notify the NYSE within ten business days of its intent to cure this deficiency and return to compliance with NYSE rules.
The NYSE notification does not affect the Companys business operations or its SEC reporting requirements and does not cause an event of default under any of its debt agreements.
******
Penn Virginia Corporation (NYSE: PVA) is an independent oil and gas company engaged in the exploration, development and production of oil, NGLs and natural gas in various domestic onshore regions of the United States, with a primary focus in the Eagle Ford Shale in south Texas. For more information, please visit our website at www.pennvirginia.com.
Certain statements contained herein that are not descriptions of historical facts are 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. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include our ability to cure a listing standard deficiency, to the extent it becomes necessary, and other risks set forth in our filings with the Securities and Exchange Commission (SEC). Additional information concerning these and other factors can be found in our press releases and public periodic filings with the SEC. Many of the factors that will determine our future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflect managements views only as of the date hereof. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Contact: | James W. Dean | |
Vice President, Corporate Development Ph: (610) 687-7531 Fax: (610) 687-3688 E-Mail: invest@pennvirginia.com |
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