Offshore rig owner Noble Corporation has received a continued listing standard notice from the New York Stock Exchange (NYSE).
Noble on February 19, 2020, received formal notice of non-compliance with the NYSE share price continued listing standards, which require a listed common stock to maintain a minimum average closing price of $1.00 per share for 30 consecutive trading days.
The company said on Thursday it intends to regain compliance with the NYSE’s listing standards, and as required by the NYSE, the company intends to respond to the NYSE within ten business days with respect to its intent to cure the deficiency.
Under the NYSE’s rules, Noble has a period of six months from the date of the NYSE Notice to regain compliance with the minimum share price criteria by bringing its share price and thirty trading-day average share price above $1.00. Noble can regain compliance at any time during the six-month cure period if its ordinary shares have a closing price of at least $1.00 per ordinary share on the last trading day of any calendar month during the cure period and an average closing price of at least $1.00 per ordinary share over the 30-trading day period ending on the last trading day of that month.
Under the NYSE rules, Noble’s ordinary shares will continue to be listed and traded on the NYSE during the cure period, subject to the company’s compliance with other continued listing requirements.
The company said it is considering all available options to regain compliance with the NYSE’s continued listing standards, which may include a reverse stock split, subject to approval of the company’s shareholders.
Failure to satisfy the conditions of the cure period or to maintain other listing requirements could lead to a delisting.
Earlier this week, Noble reported a net loss attributable to the company for the three months ended December 31, 2019 of $33 million on total revenues of $454 million. In the same period of 2018, Noble recorded a net loss of $33 million on revenues of $310 million.
Noble also said on Wednesday that, at the close of the company’s next annual general meeting of shareholders, Julie J. Robertson would resign as President and Chief Executive Officer, and would take on the newly created role of an executive chairman of the company’s board of directors.
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