Borr Drilling Limited - Notice from NYSE regarding Continued Listing Standard
Borr Drilling Limited (NYSE: BORR) received notice from the NYSE regarding non-compliance with listing standards, specifically due to its average share price falling below $1.00 over 30 consecutive trading days. The company has a six-month period, until December 4, 2021, to regain compliance by achieving a closing share price of at least $1.00. During this time, shares will continue trading on the NYSE as long as other listing requirements are met.
- The company has confirmed its intent to remedy the non-compliance with the NYSE.
- Shares will continue to trade on the NYSE while adhering to other listing standards.
- The average closing price of shares is below $1.00, presenting compliance risks.
- Failure to regain compliance by the deadline could lead to delisting from the NYSE.
OSLO, Norway, June 30, 2021 /PRNewswire/ -- Borr Drilling Limited (the "Company" or "Borr") (NYSE: BORR), (OSE: BDRILL) announces that the Company has received written notice from the New York Stock Exchange (the "NYSE") that the Company is not in compliance with the NYSE continued listing standard with respect to the minimum average share price required by the NYSE because the average closing price of its common shares had fallen below
Under the NYSE rules, the Company can regain compliance with this standard and cure this deficiency if, during the six-month period following receipt of the NYSE notice, on the last trading day of any calendar month or on the last trading day of this six-month cure period, the Company's common shares have a closing share price of at least
The Company has responded to the NYSE to confirm its intent to cure this non-compliance. During this period, the Company's common shares will continue to be traded on the NYSE subject to the Company's compliance with other applicable NYSE listing requirements.
Hamilton, Bermuda,
June 29, 2021
Forward looking statements
This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as "plan", "may", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will" and similar expressions and include statements relating to the notice from the NYSE as to non-compliance with the minimum price rule and the Company's plan to regain compliance, and other non-historical statements. Such forward-looking statements are subject to risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to the Company's ability to be able to regain compliance with NYSE rules and maintain its listing on the NYSE and other factors described in the section entitled "Risk Factors" in our filings with the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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SOURCE Borr Drilling Limited
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