UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 3.01. | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On September 21, 2020, Gulfport Energy Corporation (“Gulfport”) received a letter (the “Notice”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) notifying Gulfport that for a period of 30 consecutive business days preceding the date of the Notice, the bid price of Gulfport’s common stock had closed below $1.00 per share, the minimum closing bid price required by the continued listing requirements of Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Requirement”).
The Notice has no immediate effect on the listing or trading of Gulfport’s common stock on the Nasdaq Global Select Market. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), Gulfport has 180 calendar days to regain compliance with the Minimum Bid Requirement. To regain compliance, the closing bid price of Gulfport’s common stock must be at least $1.00 per share for a minimum of ten consecutive business days during this 180-day period.
If Gulfport does not regain compliance with the Minimum Bid Requirement within 180 calendar days, Gulfport may be eligible for an additional 180 calendar days compliance period if it elects to transfer to the Nasdaq Capital Market. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards, with the exception of the Minimum Bid Requirement, and would need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. However, if it appears to the Nasdaq staff that Gulfport will not be able to cure the deficiency, or if Gulfport does not meet the other listing standards, Nasdaq could provide notice that Gulfport’s common stock will become subject to delisting. In the event Gulfport receives notice that its common stock is being delisted, Nasdaq rules permit Gulfport to appeal any delisting determination by the Nasdaq staff to a Hearings Panel.
Gulfport intends to actively monitor the closing bid price of its common stock and will evaluate available options to regain compliance with the Minimum Bid Requirement.
There can be no assurance that Gulfport will be able to regain compliance with the Minimum Bid Requirement or maintain compliance with the other listing requirements.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| GULFPORT ENERGY CORPORATION | ||||||
| Date: September 25, 2020 | By: | /s/ Quentin Hicks | ||||
| Quentin Hicks | ||||||
| Executive Vice President & Chief Financial Officer | ||||||