Ocean Rig, a global provider of offshore deepwater drilling services, announced it has received written notification from The Nasdaq Stock Market dated September 26, 2016, indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from August 12, 2016 to September 23, 2016, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Global Select Market, the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance is 180 days, or until March 27, 2017.
The Company intends to monitor the closing bid price of its common stock between now and March 27, 2017 and is considering its options, including a reverse stock split, in order to regain compliance with the Nasdaq minimum bid price requirement. The Company can cure this deficiency if the closing bid price of its common stock is $1.00 per share or higher for at least ten consecutive business days during the grace period. In the event the Company does not regain compliance within the 180-day grace period and it meets all other listing standards and requirements, the Company may be eligible for additional 180-day grace period.
The Company’s business operations are not affected by the receipt of the notification.