Offshore drilling contractor Pacific Drilling has acquired discover from the New York Stock Exchange (NYSE) stating that the corporate doesn’t at the moment fulfill the minimal share worth commonplace for continued itemizing of the corporate’s frequent shares.
Specifically, on 6 April 2020, the 30-trading-day common closing worth per share of the corporate’s frequent shares was under $1, the minimal common share worth required for continued itemizing on the NYSE.
Under NYSE guidelines, the corporate has six months following receipt of the notification to regain compliance with this continued itemizing commonplace and keep away from delisting.
As required by NYSE guidelines, the corporate will notify the NYSE that it intends to treatment the share worth deficiency and is contemplating all obtainable choices to return to compliance. The firm can regain compliance at any time in the course of the six-month treatment interval if on the final buying and selling day of any calendar month in the course of the treatment interval the corporate has a closing share worth of at the very least $1 and a mean closing share worth of at the very least $1 over the 30 trading-day interval ending on the final buying and selling day of that month.
Possible suspension & delisting
If on the expiration of the treatment interval (7 October 2020), each a $1 closing share worth on the final buying and selling day of the treatment interval and a $1 common closing share worth over the 30 trading-day interval ending on the final buying and selling day of the treatment interval usually are not attained, the NYSE will begin suspension and delisting procedures.
The firm’s frequent shares proceed to be listed and to commerce on the NYSE, topic to the corporate’s compliance with different NYSE continued itemizing necessities.
Pacific Drilling is the second offshore driller to obtain the NYSE discover in lower than per week. Namely, Seadrill additionally final week acquired a continued itemizing commonplace discover from the NYSE.
Also, earlier this 12 months, it was Noble Corporation that acquired the NYSE’s continued itemizing discover.
Header picture by Rab Lawrence – Source: Flickr – beneath the CC BY 2.zero license
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