Cal Dive International, Inc. has received a notice from the New York Stock Exchange that it does not currently satisfy the minimum share price standard for continued listing of the Company’s common stock.
Specifically, on August 27, 2014, the 30-trading-day average closing price per share of the Company’s common stock was below $1.00, the minimum average share price required for continued listing under NYSE rules.
As required by NYSE rules, the Company will notify the NYSE by September 22, 2014 of its intent to cure the share price deficiency and to return to compliance with this continued listing standard. Under NYSE rules, the Company has six months to regain compliance with this continued listing standard and avoid delisting, subject to possible extension through the date of the Company’s next annual meeting of stockholders, should stockholder approval be required to effect a strategy to cure the share price deficiency. In particular, each of the ending and 30-trading-day average share prices of the Company’s common stock must equal or exceed $1.00 by March 8, 2015 (unless extended) or on the last trading day of any month prior to that date.
The Company is considering its available options to regain compliance and is pursuing various strategies to satisfy the continued listing standard, including restoring investor confidence by executing on its previously-announced plan to refinance its senior secured revolving credit facility, which it expects to complete by September 30, 2014. In addition, the Company continues to develop and complete ongoing restructuring initiatives to improve operations and reduce costs.
The Company’s common stock continues to be listed and to trade on the NYSE, subject to the Company’s compliance with other NYSE continued listing requirements. The NYSE notification does not affect the Company’s business operations or its Securities and Exchange Commission reporting requirements. The Company’s receipt of this notification did not trigger a fundamental change with respect to the Company’s 5.0% convertible senior notes due 2017, or otherwise affect any of the Company’s existing contractual or debt obligations.
Press Release, September 15, 2014; Image: Cal Dive