Ultra Petroleum stock trading suspended in light of bankruptcy filing

By Caroline Salls

Pittsburgh, May 3 – Ultra Petroleum Corp.’s common stock trading was suspended on Monday by the New York Stock Exchange (NYSE) in light of the company’s Chapter 11 bankruptcy filing, according to an 8-K filed with the Securities and Exchange Commission.

In addition, NYSE notified Ultra that its common stock is no longer suitable for listing.

In reaching its delisting determination, the staff of the NYSE also noted the uncertainty as to the timing and outcome of the bankruptcy process, as well as the ultimate effect of the process on the value of Ultra’s common stock.

Under the NYSE listing procedures, the company has a right to a review of this determination by a committee of the exchange’s board of directors, provided a written request for a review is filed with the Assistant Corporate Secretary of the NYSE within 10 business days after receiving the notice of delisting. However, Ultra said it has decided not to seek this review.

The company’s common stock was expected to begin trading on the OTC Pink Marketplace under the symbol UPLMQ on May 3.

Ultra Petroleum is a Houston-based independent exploration and production company. The company filed bankruptcy on April 29 in the U.S. Bankruptcy Court for the Southern District of Texas under Chapter 11 case number 16-32202.

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