Wyoming pure-player Ultra Petroleum Corp., which has struggled financially in recent years, will soon begin trading over-the-counter (OTC) after its board decided against trying to regain compliance with Nasdaq listing standards.
The company said Wednesday Nasdaq has begun delisting procedures as the stock has failed to meet its standard by trading below $1.00 for 30 consecutive days. Ultra was trading for about 16 cents/share on Wednesday afternoon.
The board determined that the only way to regain compliance would be a reverse stock split, but decided it “would not be in the best interest of the company at this time.” Instead, Ultra expects its stock to begin trading under the symbol “UPLC” on the OTCQX market beginning Aug. 8.
The company emerged from bankruptcy in 2017 and has struggled to find its footing since. Ultra operates exclusively in the Pinedale Anticline, where its battled weak regional natural gas prices. The company cut this year’s budget to focus on cash flow and debt reduction.
The company produced 62.2 Bcfe in 1Q2019, down from 72.3 Bcfe in the year-ago period. Ultra is scheduled to report 2Q2019 earnings Aug. 9.