Pacific Drilling announced that it has received notice from NYSE Regulation, Inc. that trading of the Company’s common stock on the New York Stock Exchange was suspended after market close today, September 12, 2017.
The NYSE stated that the Company was not in compliance with the NYSE’s continued listing standard, which currently requires a company with listed common stock to maintain an average global market capitalization of not less than $15.0 million over a consecutive 30 trading-day period.
NYSE Regulation has informed the Company that application to the Securities and Exchange Commission to delist the Company’s common stock is pending the completion of all applicable procedures, including any appeals by the Company of NYSE Regulation’s decision. While the Company has the right to appeal the NYSE determination, based upon the cost of appeal and the likelihood of success, the Company believes it is in the best interest of its shareholders not to contest this action and has informed the NYSE that the Company will not appeal the NYSE’s determination.
The Company’s common shares will commence trading in the over-the-counter (“OTC”) market on the Pink Quotes (formerly the “Pink Sheets”) on Wednesday, September 13, 2017. The Company is also taking appropriate steps to work with a market maker to apply for registration and quotation of its common stock on the OTC Bulletin Board (“OTCBB”). The Company’s NYSE ticker symbol “PACD” will be discontinued and its OTC ticker symbol will be “PACDF”.
This transition to the over-the-counter markets does not affect the Company’s business operations and will not change its obligation to file periodic and certain other reports with the Securities and Exchange Commission under applicable federal securities laws. Shareholders are still the registered owners of the securities and commencing September 13, 2017 will be able to trade them on the OTC. Information on the Pink Quotes and the OTCBB can be accessed via their respective websites at www.otcmarkets.com and www.otcbb.com.