McDermott Receives Delisting Warning
McDermott International, Inc. received a notice Friday from the New York Stock Exchange (NYSE) stating the average closing price of the company’s shares of common stock had dropped below $1 per share for 30 consecutive trading days. That is the minimum average share price for a continued listing on the NYSE.
The Houston-headquartered oilfield services company said it plans to notify the NYSE of its intent to cure the deficiency and return to compliance. The NYSE’s rules state the company has six months following today’s receipt to become compliant.
Failure to satisfy the NYSE’s conditions could lead to delisting.
In September, McDermott’s shares plummeted by 69 percent prior to a mid-day trading halt and the company said shortly thereafter it was taking positive and proactive measures to improve its capital structure.
McDermott said today's NYSE notification does not affect the company's business operations and does not conflict with any of the company's material debt or other agreements.
To contact the author, email Valerie.Jones@Rigzone.com
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.