HAMILTON, Bermuda, April 9, 2020 /PRNewswire/ -- Nabors
Industries Ltd. (NYSE: NBR) ("Nabors") today announced that it
received notification from the New York Stock Exchange (the "NYSE")
that it is no longer in compliance with the NYSE continued listing
criteria set forth in Section 802.01C of the NYSE's Listed Company
Manual requiring listed companies to maintain an average closing
share price of at least $1.00 over a
period of 30 consecutive trading days. Nabors is in compliance with
all other NYSE continued listing standard rules.
Pursuant to Section 802.01C, Nabors has a period of six months
following the receipt of the Delisting Notice to regain compliance
with the minimum share price requirement, subject to possible
extension in the discretion of the NYSE. Nabors can regain
compliance with the minimum share price requirement at any time
during the six month cure period if, on the last trading day of any
calendar month during the cure period or on the last day of the
cure period, Nabors has a closing share price of at least
$1.00, and an average closing share
price of at least $1.00 over the 30
trading-day period ending on such date.
As previously announced, Nabors has proposed a reverse stock
split to raise the per share trading price of its common shares in
order to maintain its listing on the NYSE. If Nabors effectuates a
reverse stock split following shareholder approval to cure the
condition, the condition will be deemed cured if the price promptly
exceeds $1.00 a share, and the price
remains above that level for at least the following 30 trading
days. Nabors plans to formally notify the NYSE within 10 business
days of its intent to cure the deficiency. If Nabors does not
notify the NYSE that it intends to cure the deficiency as described
above, then the NYSE could commence delisting procedures.
The Delisting Notice has no immediate impact on the listing of
Nabors' common shares, which will continue to be listed and traded
on the NYSE during the cure period under the trading symbol "NBR",
subject to Nabors' continued compliance with the other listing
requirements of the NYSE. However, the trading symbol will have an
added designation of ".BC" to indicate that the status of the
common shares is "below compliance" with the NYSE continued listing
standards. The ".BC" indicator will be removed at such time as
Nabors regains compliance.
The NYSE notification does not affect Nabors' business
operations or its Securities and Exchange Commission ("SEC")
reporting requirements, and does not conflict with or cause an
event of default under any of Nabors' material debt agreements.
The information above includes forward-looking statements within
the meaning of the Securities Act and the Securities Exchange Act
of 1934. Such forward-looking statements are subject to certain
risks and uncertainties, as disclosed by Nabors from time to time
in its filings with the SEC. As a result of these factors, Nabors'
actual results may differ materially from those indicated or
implied by such forward-looking statements. Nabors does not
undertake to update these forward-looking statements.
About Nabors Industries
Nabors (NYSE: NBR) owns and operates one of the world's largest
land-based drilling rig fleets and provides offshore platform rigs
in the United States and numerous
international markets. Nabors also provides directional drilling
services, performance tools, and innovative technologies for its
own rig fleet and those of third parties. Leveraging our advanced
drilling automation capabilities, Nabors highly skilled workforce
continues to set new standards for operational excellence and
transform our industry.
Media Contacts:
For further information regarding Nabors, please contact
Dennis A. Smith, Senior Vice
President of Corporate Development & Investor Relations, +1
281-775-8038 or William C. Conroy,
Senior Director of Corporate Development & Investor Relations,
+1 281-775-2423. To request investor materials, contact
Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via
e-mail mark.andrews@nabors.com.
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SOURCE Nabors Industries Ltd.