The New York Stock Exchange delisted shares of SandRidge Energy on Wednesday after the stock’s price stayed below $1 per share for more than seven months.
According to OKNews, trading of the Oklahoma-based company’s stock was suspended at the closing bell on Wednesday after the stock’s price fell to an “‘abnormally low” level.
Low oil prices dragged shares in SandRidge down to $0.15 per share on Wednesday, down from a high of about $68 per share in 2008.
The company’s stock dipped below the $1 per share mark in June of 2015, according to the company’s website.
“NYSE Regulation has now determined that the company is no longer suitable for listing based on ‘abnormally low’ price levels,” the NYSE said.
The exchange will now apply to the U.S. Securities and Exchange Committee to have the stock formally delisted.
SandRidge Energy can appeal the delisting to a committee of NYSE directors, the paper added.
The company told OKCFOX that the delisting will not affect normal operations and that it has “ample liquidity.”
“The prolonged depression of commodity prices have caused nearly all companies in our industry to suffer material degradation in value….While the delisting of our stock from the NYSE is certainly not an outcome we desired, it’s important to note that this action does not affect our day-to-day operations,” SandRidge told the paper.
The company expects to start trading over-counter on Thursday.