ICD admits receiving NYSE non-compliance letter

Onshore drilling service provider Independence Contract Drilling (ICD) said Tuesday it received written notification from the New York Stock Exchange that as of Nov. 1, the company is no longer in compliance with NYSE continued-listing criteria, Kallanish Energy reports.

Said criteria requires listed companies to maintain an average closing share price of at least $1.00 over 30 consecutive days of trading.

The Houston-based company has six months from receipt of the notice to regain compliance, or until the company’s next annual shareholders meeting, if stockholder approval is required to cure the non-compliance.

Independence Contract Drilling’s common stock will continue to be listed and trade on the NYSE during this period under the ticker symbol “ICD.”

Under NYSE rules, ICD can regain compliance at any time during the six-month cure period if, on the last trading day of any calendar month during the cure period, ICD’s common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30-day trading period ending on the last trading day of that month, or on the last day of the cure period.

The company said it intends to notify the NYSE of its plans to cure the share price non-compliance, if necessary, via a reverse stock split.

This post appeared first on Kallanish Energy News.