Offshore drilling contractor Seadrill Limited has been given a continued itemizing normal discover from the New York Stock Exchange (NYSE).
According to the discover, obtained on 26 March 2020, the corporate is just not in compliance with the NYSE continued itemizing normal with respect to the minimal common share worth required by the NYSE as a result of the common closing worth of its frequent shares had fallen under $1.00 per share over a interval of 30 consecutive buying and selling days.
As of 24 March 2020, the common closing worth per share of the corporate over the previous 30-trading day interval was $zero.99.
Under the foundations of the inventory alternate, Seadrill can regain compliance with this normal and treatment this deficiency if, through the six-month interval following receipt of the NYSE discover, on the final buying and selling day of any calendar month or on the final buying and selling day of this six-month treatment interval, the corporate’s frequent shares have a closing share worth of at the very least $1.00 and a median closing share worth of at the very least $1.00 over the 30-trading day interval ending on the final buying and selling day of that month or the final buying and selling day of the treatment interval.
If the corporate determines to treatment the non-compliance by taking motion that can require shareholder approval, the six-months treatment interval requirement doesn’t apply, so long as the corporate seeks shareholder approval by no later than its subsequent annual normal assembly, and implements such motion promptly afterwards.
In this occasion, the value situation shall be deemed cured if the value promptly exceeds $1.00 per share, and the value stays above the extent for at the very least the next 30 buying and selling days. The firm has responded to the NYSE to verify its intent to treatment this non-compliance.
During this era, the corporate’s frequent shares will proceed to be traded on the NYSE, topic to the Company’s compliance with different relevant NYSE itemizing necessities.
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