Hermitage Offshore Services Ltd. (NYSE:PSV) Receives Continued Listing Notices from NYSE
December 06 2019 - 6:30AM
Hermitage Offshore Services Ltd. (the “Company”) announced today
that on November 8, 2019 it received notice from the New York Stock
Exchange (the “NYSE”) that the Company was not in compliance with
the NYSE’s continued listing standards because the average closing
price of the Company’s common shares had fallen below $1.00 per
share over a consecutive 30 trading-day period. On December 2,
2019, the Company received further notice from the NYSE that the
Company had regained compliance with the $1.00 continued listing
criterion as its stock price was above the NYSE’s minimum $1.00
requirement based on a 30-trading day average as of November 29,
2019.
On December 2, 2019, the NYSE also gave notice
to the Company that it is not in compliance with the NYSE’s
continued listing standards because the Company’s average market
capitalization over a 30-trading day period and stockholders’
equity were each below the NYSE’s $50 million minimum. As of
November 29, 2019, the average market capitalization of the Company
over a 30 trading-day period was approximately $23.7 million and as
of September 30, 2019, the Company reported total stockholders’
equity of approximately $47.4 million.
Pursuant and subject to the NYSE’s rules, the
Company has an 18-month cure period following receipt of the NYSE
notice to regain compliance with the NYSE’s minimum requirements
for market capitalization and shareholders’ equity, subject to the
NYSE’s receipt and approval of a plan submitted by the Company
demonstrating compliance with the continued listing standards
within the 18-month cure period. If the NYSE does not accept the
Company’s plan, which must be submitted within 90 days following
receipt of the NYSE notice, the Company will be subject to
suspension by the NYSE and the NYSE may initiate delisting
procedures.
During this time, the Company’s common stock
will continue to be listed and trade on the NYSE. As required by
the NYSE, the Company will notify the NYSE of its intent to submit
the required plan, cure the deficiency and restore its compliance
with the NYSE continued listing standards.
About the Company
Hermitage Offshore Services Ltd. is an offshore
support vessel company that owns 23 vessels consisting of 10
platform supply vessels, or PSVs, two anchor handling tug supply
vessels, or AHTS vessels, and 11 crew boats. The Company’s vessels
primarily operate in the North Sea or the West Coast of Africa.
Additional information about the Company is available at the
Company’s website www.hermitage-offshore.com, which is not a part
of this press release.
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS
Matters discussed in this press release may
constitute forward‐looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward‐looking statements in order to encourage companies to
provide prospective information about their business.
Forward‐looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. The Company desires to take
advantage of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The
words “believe,” “expect,” “anticipate,” “estimate,” “intend,”
“plan,” “target,” “project,” “likely,” “may,” “will,” “would,”
“could” and similar expressions identify forward‐looking
statements.
The forward‐looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, management’s examination of historical operating
trends, data contained in the Company’s records and other data
available from third parties. Although management believes that
these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond the Company’s control, there can be no assurance that the
Company will achieve or accomplish these expectations, beliefs or
projections. The Company undertakes no obligation, and specifically
declines any obligation, except as required by law, to publicly
update or revise any forward‐looking statements, whether as a
result of new information, future events or otherwise.
Important factors that, in the Company’s view,
could cause actual results to differ materially from those
discussed in the forward-looking statements include the strength of
world economies and currencies, general market conditions,
including fluctuations in charter rates and vessel values, changes
in demand in the offshore support vessel (OSV) market, changes in
charter hire rates and vessel values, demand in offshore supply
vessels, the Company’s operating expenses, including bunker prices,
dry docking and insurance costs, governmental rules and
regulations or actions taken by regulatory authorities as well as
potential liability from pending or future litigation, general
domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events,
the availability of financing and refinancing, vessel breakdowns
and instances of off-hire and other important factors described
from time to time in the reports filed by the Company with the
Securities and Exchange Commission.
Contacts:
Hermitage Offshore Services Ltd.+377 9798 5717
(Monaco)+1 646 432 3315 (New York)Web-site:
www.hermitage-offshore.com
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