New Concept Energy, Inc. (NYSEAMERICAN: GBR) is having an incredibly strong start to the trading session this morning, and for good reason. News broke with regard to the company’s plan to regain compliance with NYSE regulations that proved to be a source of excitement for investors. Today, we’ll talk about:
- The news;
- what we’re seeing from GBR stock as a result; and
- what we’ll be watching for ahead.
GBR Announces NYSE Compliance News
As mentioned above, New Concept Energy is having an incredibly strong start to the trading session this morning after the company announced NYSE news. In a press release issued ealry this morning, the company announced that it has received notice from the NYSE of acceptance of a plan submitted by the company to regain compliance with the NYSE regulations. In the release, the company said that the notification was received by letter on July 9th.
Previously, GBR received a notification that it was not in compliance with The Company had previously received guidance that it was not in compliance with Sections 1003(a)(i) and 1003(a)(ii) of the NYSE American Company Guide since the Company reported stockholders’ equity of $0.6 million as of December 31, 2017 and losses from continuing operations in three of its four most recent fiscal years ended December 31, 2017. However, the company submitted a plan to regain compliance that as of July 9th, was accepted by the exchange. As a result, the company said that it is in the process of moving forward with this plan.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news causes moves. In the case of New Concept Energy, the news proved to be overwhelmingly positive. After all, with a plan accepted by the NYSE to regain compliance, the danger of delisting has been minimized. So, it’s no surprise to see that excited investors are sending the stock toward the top this morning. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:10), GBR is trading at $3.77 per share after a gain of 17.81% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on GBR. In particular, we’re interested in following the company’s movements with regard to regaining compliance with the NYSE. Nonetheless, we’ll continue to keep a close eye on the news and bring it to you as it breaks!
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