Hornbeck Offshore Services, Inc. (NYSE:HOS) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 – Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Hornbeck Offshore Services, Inc. (NYSE:HOS) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On August 16, 2019, Hornbeck Offshore Services, Inc., a Delaware corporation (the “Company”) received written notice from the New York Stock Exchange (the “NYSE”) that it is not in compliance with the NYSE continued listing standard set forth in Rule 802.01C of the NYSE Listed Company Manual, which requires the average closing price of the Company’s common stock to be at least $1.00 per share over a period of 30 consecutive trading days. As of August 14, 2019, the 30 trading-day average closing price of the Company’s common stock was $0.99 per share. On August 16, 2019, the Company promptly notified the NYSE of its receipt of the notice.
In accordance with applicable NYSE procedures, the Company plans to timely notify the NYSE that it intends to cure the $1.00 per share deficiency. The Company has six months following the receipt of the noncompliance notice to cure the deficiency and regain compliance with the NYSE minimum share price continued listing requirement, as discussed further below.
The notice states that Company must bring its share price and average share price back above $1.00 by six months following receipt of the notice, but can demonstrate an accelerated cure at any time during the six-month cure period if on the last trading day of any calendar month during the cure period the closing share price of the Company’s common stock is at least $1.00 and the average closing share price of the Company’s common stock is at least $1.00 over the 30 trading-day period ending on the last trading day of that month.
During this period, the Company’s common stock is permitted to continue trading on the NYSE under the symbol “HOS,” but will have an appended ticker (suffix) of “.BC” to indicate the status of the common stock as “below compliance.” The notice does not affect the Company’s business operations or its Securities and Exchange Commission reporting requirements, and does not conflict with or cause an event of default under any of the Company’s material debt agreements.
The Company intends to actively monitor the closing share price of its common stock and will consider all available options, including, if necessary, a reverse stock split of the Company’s common shares, subject to stockholder approval, to regain compliance with Rule 802.01C.
Item 7.01 – Regulation FD Disclosure
On August 22, 2019, as required under Rule 802.01C, the Company issued a press release announcing that it had received the notice. A copy of this press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information provided to this Item 7.01 is “furnished” and shall not be deemed to be “filed” with the Securities and Exchange Commission or incorporated by reference in any filing under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in any such filings.
Item 9.01 – Financial Statements and Exhibits
(d) Exhibits.
HORNBECK OFFSHORE SERVICES INC /LA Exhibit
EX-99.1 2 ex-99108222019.htm EXHIBIT 99.1 DocumentExhibit 99.1NEWS RELEASE 19-012Contacts:Todd Hornbeck,…
To view the full exhibit click
EX-99.1 2 ex-99108222019.htm EXHIBIT 99.1 DocumentExhibit 99.1NEWS RELEASE 19-012Contacts:Todd Hornbeck,…
To view the full exhibit click
here
About Hornbeck Offshore Services, Inc. (NYSE:HOS)
Hornbeck Offshore Services Inc. provides marine transportation, subsea installation and accommodation support services to exploration and production, oilfield service, offshore construction and the United States military customers. The Company focuses on providing marine solutions for the deepwater and ultradeepwater energy industry in domestic and select foreign locations. The Company, through its subsidiaries, operates offshore supply vessels (OSVs), multi-purpose support vessels (MPSVs), and a shore-base facility to provide logistics support and specialty services to the offshore oil and gas exploration and production industry, primarily in the United States, Gulf of Mexico, Latin America and selected international markets. Its OSVs and MPSVs support the deep-well, deepwater and ultra-deepwater activities of the offshore oil and gas industry. It provides vessel management services for other vessel owners, such as crewing, daily operational management and maintenance activities.