HighPoint Resources Receives Continued Listing Standard Notice from NYSE

Rhea-AI Summary

HighPoint Resources Corporation (NYSE: HPR) announced on November 4, 2020, that it received a notice from the NYSE regarding non-compliance with listing standards, due to an average global market capitalization of approximately $41.5 million and a stockholders’ equity deficit of $12.6 million. The Company plans to submit a compliance plan within 45 days of the notice to address this issue within 18 months. Despite this notice, HPR's stock will continue to be listed and traded on the NYSE during the cure period.

Positive

• The company plans to submit a compliance plan to the NYSE.

Negative

• Average global market capitalization is only $41.5 million, below the $50 million requirement.
• Stockholders’ equity shows a deficit of $12.6 million.

DENVER, Nov. 10, 2020 (GLOBE NEWSWIRE) -- HighPoint Resources Corporation (the “Company”) (NYSE: HPR) today announced that on November 4, 2020, it received notice (the “Notice”) from the New York Stock Exchange (NYSE) that it is no longer in compliance with the NYSE continued listing standards set forth in Section 802.01B of the NYSE’s Listed Company Manual due to the fact that the Company’s average global market capitalization over a consecutive 30 trading-day period was less than $50 million and, at the same time, its stockholders’ equity was less than $50 million. As set forth in the Notice, as of November 4, 2020, the 30 trading-day average global market capitalization of the Company was approximately $41.5 million and the Company’s last reported stockholders’ equity as of September 30, 2020 was a deficit of $12.6 million.

In accordance with NYSE procedures, the Company intends to submit a plan to the NYSE within 45 days of receipt of the Notice advising the NYSE of definitive action it has taken, or is taking, to bring it into compliance with Section 802.01B within 18 months of receipt of the Notice.

The Notice has no immediate impact on the listing of the Company’s common stock, which will continue to be listed and traded on the NYSE during the applicable cure period under the common stock trading symbol “HPR.”

ABOUT HIGHPOINT RESOURCES CORPORATION

HighPoint Resources Corporation (NYSE: HPR) is a Denver, Colorado based company focused on the development of oil and natural gas assets located in the Denver-Julesburg Basin of Colorado. Additional information about the Company may be found on its website www.hpres.com.

Forward-Looking Statements

All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as expects, forecast, guidance, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein; however, these are not the exclusive means of identifying forward-looking statements. In particular, forward-looking statements in this release relate to, among other things, the Company’s plan to regain compliance with NYSE listing standards and the related cure period.

These and other forward-looking statements in this press release are based on management's judgment as of the date of this release and are subject to numerous risks and uncertainties. Actual results may vary significantly from those indicated in the forward-looking statements. Please refer to HighPoint Resource's Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC, and other filings, including our Current Reports on Form 8-K and Quarterly Reports on Form 10-Q, all of which are incorporated by reference herein, for further discussion of risk factors that may affect the forward-looking statements. The Company encourages you to consider the risks and uncertainties associated with forward-looking statements and to not place undue reliance on any such statements. In addition, the Company assumes no obligation to publicly revise or update any forward-looking statements based on future events or circumstances.

Company contact: Larry C. Busnardo, Vice President, Investor Relations, 303-312-8514

FAQ

What does the NYSE notice mean for HighPoint Resources Corporation (HPR)?

The NYSE notice indicates that HPR is not in compliance with listing standards due to low market capitalization and stockholders' equity.

When will HighPoint Resources submit a plan to address NYSE compliance?

HighPoint Resources intends to submit a compliance plan within 45 days of receiving the NYSE notice.

What is the average global market capitalization of HighPoint Resources?

As of November 4, 2020, HighPoint Resources' average global market capitalization was approximately $41.5 million.

What is the stockholders’ equity situation of HighPoint Resources?

HighPoint Resources reported a stockholders’ equity deficit of $12.6 million as of September 30, 2020.

Will HighPoint Resources (HPR) remain listed on the NYSE?

Yes, HPR will remain listed and traded on the NYSE during the applicable cure period.