Chesapeake Energy Corp. last week was notified by the New York Stock Exchange (NYSE) that it was not in compliance with continued listing standards and it gave the company the standard six months to remedy the matter before its shares are pulled from the market.

The stock at midday Monday was trading at around 79 cents/share. NYSE requires that listed companies maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period.

Chesapeake, which made the announcement late Friday after receiving notice Dec. 10, has struggled with heavy debt loads and recently warned that it might be forced to file bankruptcy if commodity prices don’t improve. The company, once a symbol of the onshore boom and the industry’s ascendancy valued at nearly $40 billion, has seen its market capitalization erode to less than $2 billion.

After it warned of bankruptcy last month, the company announced a series of financial measures aimed at managing the debt load.

Chesapeake said it plans to regain compliance with the listing standards by executing a 2020 operating program that includes a 30% year/year cut in capital expenditures, the financial measures it announced earlier this month, asset sales and the possibility of a reverse stock split that would need shareholder approval at the next annual meeting in May.

The company must respond to NYSE within 10 days of receiving the delisting notice and ultimately has six months to regain compliance.