Covington, La., headquartered Hornbeck Offshore Services, Inc. (NYSE:HOS) reports that it has received written notice from the New York Stock Exchange that the company is not in compliance with the NYSE continued listing standard set forth in Rule 802.01C of the NYSE Listed Company Manual, which requires the average closing price of the Company’s common stock to be at least $1.00 per share over a period of 30 consecutive trading days.
Today the company’s share price fell by 3.82%, closing at $0.73
In accordance with applicable NYSE procedures, the company plans to timely notify the NYSE that it intends to cure the $1.00 per share deficiency. The company has six months following the receipt of the noncompliance notice to cure the deficiency and regain compliance with the NYSE minimum share price continued listing requirement.
During this period, the company’s common stock is permitted to continue trading on the NYSE under the symbol “HOS,” but will have an appended ticker (suffix) of “.BC” to indicate the status of the common stock as “below compliance.” The notice does not affect the Company’s business operations or its Securities and Exchange Commission reporting requirements, and does not conflict with or cause an event of default under any of the company’s material debt agreements.
The company says it intends to actively monitor the closing share price of its common stock and will explore all available options, including, if necessary, a reverse stock split of its common shares, subject to stockholder approval, to regain compliance with NYSE Rule 802.01C.