GULFMARK OFFSHORE, INC. (NYSE:GLF) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01.
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On April 10, 2017, GulfMark Offshore, Inc. (the “Company”) was notified by the New York Stock Exchange (the “NYSE”) that the NYSE has determined to commence proceedings to delist the Company’s Class A common stock, par value $0.01 per share (the “Common Stock”) (ticker symbol GLF), from the NYSE because the average closing price per share of the Common Stock over a period of 30 consecutive trading days was below $1.00 per share, which is the minimum average closing price required to maintain listing on the NYSE under Section 802.01C of the NYSE Listed Company Manual. The Company advised the NYSE that it does not intend to cure such deficiency. Trading in the Common Stock on the NYSE was suspended after the close of trading on April 10, 2017.
Effective April 11, 2017, the Company’s Common Stock commenced trading in the “Pink Sheets” of the OTC Markets Group, Inc. (“OTC Pink”) under the symbol “GLFM.” The OTC Pink is a significantly more limited market than the NYSE, and quotation on the OTC Pink may result in a less liquid market available for existing and potential stockholders to trade the Common Stock and could further depress the trading price of the Common Stock. There can be no assurance that the Company’s Common Stock will continue to trade on OTC Pink or that any public market for the Common Stock will exist in the future, whether broker-dealers will continue to provide public quotes of the Company’s Common Stock on this market, whether the trading volume of the Company’s Common Stock will be sufficient to provide for an efficient trading market, whether quotes for the Company’s Common Stock may be blocked by the OTC Markets Group, Inc. in the future, or that the Company will be able to relist its Common Stock on a national securities exchange.
About GULFMARK OFFSHORE, INC. (NYSE:GLF)
GulfMark Offshore, Inc. provides offshore marine support and transportation services. The Company offers these services to companies engaged in the offshore exploration and production of oil and natural gas. The Company operates in three segments: the North Sea (N. Sea), Southeast Asia (SEA) and the Americas. Its vessels transport materials, supplies and personnel to offshore facilities, as well as move and position drilling and production facilities. The operations are conducted in the North Sea, offshore Southeast Asia and offshore in the Americas. It operates a fleet of over 70 owned or managed offshore supply vessels (OSVs), which include over 30 vessels in the North Sea, over 10 vessels offshore Southeast Asia and over 30 vessels offshore the Americas. Its customers include oil and natural gas companies, independent oil and natural gas exploration and production companies working in international markets, and foreign Government-owned or controlled oil and natural gas companies. GULFMARK OFFSHORE, INC. (NYSE:GLF) Recent Trading Information
GULFMARK OFFSHORE, INC. (NYSE:GLF) closed its last trading session up +0.050 at 0.250 with 1,125,486 shares trading hands.