The New York Stock Exchange (NYSE) says it will delist SandRidge Energy (NYSE:SD) from the exchange and immediately suspend trading in SD’s common stock. The decision comes after staff at the exchange determined the company is no longer suitable for listing based on abnormally low price levels.
SD closed today at $0.15/share and are down more than 90% in the past year; Moody’s recently called SD a “potentially unsustainable capital structure.”
Sandridge Energy does have the right to appeal the decision but has yet to comment on what it plans to do.