GulfMark Offshore stock no longer in compliance with NYSE rulesCompany News // April 3, 2017
GulfMark Offshore says it was notified on 27 March 2017 by the New York Stock Exchange (NYSE) that the trading price of GulfMark’s Class A common stock is not in compliance with the exchange’s continued listing standard.
The standard requires a minimum average closing price of US$1.00 per share over a period of 30 consecutive trading days.
The NYSE notification has no impact on the company’s business operations or its ongoing SEC reporting requirements.
As required by the NYSE, the company plans to notify the NYSE, within 10 business days of receipt of such notice, regarding its intent to cure this deficiency or be subject to the NYSE’s suspension and delisting procedures.
In addition, under the NYSE’s rules, the NYSE will promptly initiate suspension and delisting procedures with respect to the company if the NYSE determines that the company has average global market capitalization over a consecutive 30 trading-day period of less than US$15 million.
The company’s global market capitalization is currently significantly less than US$15 million, and has been since 15 March 2017.