Pacific Drilling SA received notice from the New York Stock Exchange (NYSE) on April 10 stating that the company does not currently satisfy the minimum share price standard for continued listing of the company’s common shares.
Specifically, on April 6, 2020, the 30-trading-day average closing price per share of the company’s common shares was below $1.00, the minimum average share price required for continued listing on the NYSE under Section 802.01C of the NYSE Listed Company Manual.
Under NYSE rules, the company has six months following receipt of the notification to regain compliance with this continued listing standard and avoid delisting. 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.
The company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period the company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. If at the expiration of the cure period (October 7, 2020), both a $1.00 closing share price on the last trading day of the cure period and a $1.00 average closing share price over the 30 trading-day period ending on the last trading day of the cure period are not attained, the NYSE will commence suspension and delisting procedures.
The company’s common shares continue to be listed and to trade on the NYSE, subject to the company’s compliance with other NYSE continued listing requirements. The company’s common shares will continue to trade under the symbol “PACD” but will have an added designation of “.BC” to indicate the status of the common shares as “below compliance.” The NYSE notification does not affect the company’s SEC reporting requirements.
The company’s receipt of this notification did not affect any of the company’s existing contractual or debt obligations.
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