LONDON— Noble Corporation Plc Feb. 20 announced that on Feb. 19, 2020 it received formal notice of non-compliance with the New York Stock Exchange (NYSE) share price continued listing standards, which require a listed common stock to maintain a minimum average closing price of $1 per share for 30 consecutive trading days.
The company intends to regain compliance with the NYSE’s listing standards, and as required by the NYSE, intends to respond to the NYSE within 10 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 30-trading-day average share price above $1.
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 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 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 outlined above, subject to the company’s compliance with other continued listing requirements. The current non-compliance with the NYSE listing standards does not affect Noble’s ongoing business operations or its U.S. Securities and Exchange Commission reporting requirements, nor does it trigger any violation of its material debt obligations.
The company 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.
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