KEY ENERGY SERVICES, INC. (OTCMKTS:KEGXQ) 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.
On November 27, 2019, Key Energy Services, Inc. (Key or the Company) was notified by the New York Stock Exchange (the NYSE) that the NYSE had determined to commence proceedings to delist the Companys common stock (the Common Stock) from the NYSE as a result of the Companys failure to maintain an average global market capitalization over a consecutive 30 trading-day period of at least $15 million to Rule 802.01B of the NYSE Listed Company Manual. The NYSE also suspended trading in the Common Stock effective immediately.
The NYSE stated that it will apply to the Securities and Exchange Commission (the SEC) to delist the Common Stock upon completion of all applicable procedures, including any appeal by the Company of the NYSEs delisting determination. The Company does not intend to appeal the delisting determination.
The Company anticipates that the Common Stock will begin trading on the OTC Pink marketplace under the symbol KEGX. The Company can provide no assurance that the Common Stock will commence or continue to trade on this market, whether broker-dealers will continue to provide public quotes of the Common Stock on this market, whether the trading volume of the Common Stock will be sufficient to provide for an efficient trading market or whether quotes for the Common Stock will continue on this market in the future.
The transition to over-the-counter markets will not affect the Companys business operations or its SEC reporting requirements and does not conflict with or cause an event of default under any of Keys material debt or other agreements.
A copy of the Companys press release, dated November 27, 2019, regarding the receipt of the letter from the NYSE is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
99.1 Press Release dated November 27, 2019.