Pacific Drilling Becomes Noncompliant With NYSE
Pacific Drilling received formal notice last week of non-compliance from the New York Stock Exchange share price continued listing standards, which require a stock to keep a minimum average closing price of $1.00 per share for 30 consecutive trading days.
As of the close of trading on April 9, Pacific Drilling shares were trading at $0.66 each.
The company has six months following receipt of the notification to regain compliance with this continued listing standard. As required by NYSE rules, the company will notify the NYSE that it intends to cure the share price deficiency and is considering all available options to return to compliance. Failure to satisfy the conditions of the cure period or to maintain other listing requirements could lead to a delisting.
With principal offices in Luxembourg and Houston, Pacific Drilling’s fleet of seven drillships represents one of the youngest and most technologically advanced offshore fleets in the world.
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