The NYSE notified Cloud Peak Energy Inc. on Dec. 26 that its stock fell below the minimum threshold for listing on the exchange.
The average closing price for common shares of the Powder River Basin coal producer has been below $1 for more than 30 consecutive trading days, which violates the exchange's requirements to continue listing.
Cloud Peak said in a Dec. 27 filing that it will notify the exchange within 10 days of its intent to cure the deficiency. To do so, Cloud Peak's stock must trade at $1 or more on the final day of a calendar month during a six-month cure period and the average closing price throughout the 30-day trading period must be $1 or more. The NYSE can begin delisting and suspension procedures if the company does not improve its share prices by the end of the six-month period.
The company's common stock will be listed on the exchange during the six-month period with the symbol CLD.BC.
Cloud Peak will be removed from the S&P SmallCap 600 before trading begins Jan. 3, 2019, given its low stock price. The company told investors in November that it had engaged a financial adviser and legal counsel to start a review of strategic alternatives, including a potential sale of the company.
Cloud Peak shares closed at 35 cents Dec. 27.