Emerge Energy Services LP received a notification on May 17 from the NYSE that it fell out of compliance with the exchange's listing standards, which require firms to maintain an average closing share price of at least $1 over a consecutive 30 trading-day period, according to a May 23 release from Emerge.
The partnership has six months, which can be extended at the NYSE's discretion, following the receipt of the notice to regain compliance with the share price requirement. The partnership will be delisted from the exchange if its units trade at an "abnormally low" price level or if the 30-day average market capitalization for its units is below $15 million.
As of market close on May 23, Emerge's common units were trading at 38 cents.
Emerge Energy Services primarily engages in mining, producing, and distributing silica sand through its subsidiary Superior Silica Sands LLC.