Rhino exits New York Stock Exchange
OREANDA-NEWS. December 15, 2015. Lexington, Kentucky-based coal producer Rhino Resource Partners has decided to leave the New York Stock Exchange (NYSE) and join another trading marketplace.
The steam and metallurgical coal producer will voluntarily transfer the units that represent limited partner interests in the company to the OTCQB Marketplace.
The NYSE had notified Rhino on 7 October that its common stock price has fallen below levels required for continued listing. Its units had an average closing price below \\$1 for 30 consecutive trading days, triggering the notice. Rhino's market capitalization recently fell below \\$15mn, the company said. Such a level is another trigger for the NYSE to begin delisting common units.
Rhino said after considering its options that it had determined that remaining on the NYSE would not be in the best interest of the company or its unit holders.
Rhino has begun the listing process to participate in the OTCQB and expects trading to start around 4 January 2016. The company will shortly file the documentation to leave the NYSE. In the event that the NYSE starts to delist the producer before the transfer is effective, OTCQB trading may start earlier.
Rhino's share price closed down by 2? today at 40?/share. It has declined by 83pc from \\$2.31/share a year ago.
The company's stock price fell sharply in October 2014 after it slashed its cash distribution because of "prolonged weakness in the coal markets," which had negatively affected its cash flow. The stock price fell to \\$4.90/unit the next day from \\$11.89/unit on 20 October 2014.