HOS Navegante
Covington, La., headquartered Hornbeck Offshore Services,Inc (NYSE: HOS) reports that it has actually obtained composed notification from the New York Stock Exchange that the firm is not in conformity with the NYSE proceeded detailing typical state in Rule 802.01 C of the NYSE Listed Company Manual, which needs the ordinary closing cost of the Company’s ordinary shares to be a minimum of $1.00 per share over a duration of 30 successive trading days.
Today the firm’s share cost dropped by 3.82%, shutting at $0.73
In conformity with suitable NYSE treatments, the firm intends to prompt alert the NYSE that it means to treat the $1.00 per share shortage. The firm has 6 months adhering to the invoice of the noncompliance notification to treat the shortage as well as restore conformity with the NYSE minimum share cost proceeded listing need.
During this duration, the firm’s ordinary shares is allowed to proceed trading on the NYSE under the icon “HOS,” yet will certainly have an added ticker (suffix) of “.BC” to show the condition of the ordinary shares as “below compliance.” The notification does not impact the Company’s service procedures or its Securities as well as Exchange Commission coverage needs, as well as does not contravene or trigger an occasion of default under any one of the firm’s product financial debt arrangements.
The firm states it means to proactively check the closing share cost of its ordinary shares as well as will certainly discover all readily available alternatives, consisting of, if essential, a reverse supply split of its typical shares, based on shareholder authorization, to restore conformity with NYSE Rule 802.01 C.
