Offshore vessel operator Hermitage Offshore Services, formerly known as Nordic American Offshore, has received notification from the New York Stock Exchange (NYSE) that its common stock was suspended from trading.
Hermitage said on Wednesday that its stock was suspended from trading on the NYSE as it fell below the continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15 million.
The company added that the suspension of trading did not affect the company’s appeal rights concerning the NYSE’s previously announced determination to start delisting procedures for Hermitage’s common stock.
According to Hermitage, the hearing to review the delisting determination is scheduled to take place on 17 December 2020.
The company expects that its common stock will be quoted on the OTC Pink marketplace, operated by the OTC Markets Group, effective 24 September 2020.
To remind, the company and its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code on 11 August 2020.
“ The company continues to believe that there is significant doubt as to its ability to operate as a going concern following the bankruptcy proceedings, and can make no assurance that it will be successful in its appeal of the decision of the NYSE to delist the securities or that there will be any equity value in its common shares after the Chapter 11 process ”, Hermitage stated.