Borr Drilling Limited Receives Notice from NYSE regarding Continued Listing Standard

Rhea-AI Summary

Borr Drilling Limited (NYSE: BORR) received a notice from the NYSE regarding non-compliance with the minimum share price requirement, as its average share price fell below $1.00 for 30 consecutive trading days. The company has until February 25, 2021 to meet the compliance standards by maintaining a share price of at least $1.00 on the last trading day of any month during the corrective period. Borr has confirmed its intent to regain compliance while continuing to trade on the NYSE.

Positive

• Company has confirmed intent to regain compliance with NYSE listing standards.
• Shares will continue to trade on the NYSE during the compliance period.

Negative

• Non-compliance with NYSE minimum average share price requirement.
• Average share price fell below $1.00 for 30 consecutive trading days.

HAMILTON, Bermuda, Sept. 7, 2020 /PRNewswire/ -- Borr Drilling Limited (the "Company" or "Borr") (NYSE: BORR) (OSE: BDRILL) today announced 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 $1.00 per share over a period of 30 consecutive trading days.

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 $1.00 and an average closing share price of at least $1.00 over the 30-trading day period ending on the last trading day of that month or the last trading day of the cure period, which for the Company means February 25, 2021. 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.

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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https://news.cision.com/borr-drilling-limited/r/borr-drilling-limited-receives-notice-from-nyse-regarding-continued-listing-standard,c3189771

 

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SOURCE Borr Drilling Limited

FAQ

What is the NYSE notice received by Borr Drilling Limited?

Borr Drilling Limited received a notice from the NYSE indicating non-compliance with the minimum average share price requirement.

What is the minimum share price requirement for Borr Drilling to remain listed?

Borr Drilling must maintain a share price of at least $1.00 over a 30-day trading period to regain compliance.

What is the deadline for Borr Drilling to regain compliance with the NYSE?

Borr Drilling has until February 25, 2021, to meet the NYSE compliance standards.

How does Borr Drilling plan to address the NYSE non-compliance issue?

Borr Drilling has confirmed its intent to regain compliance with the NYSE listing standards.

Will Borr Drilling shares continue to trade on the NYSE during the compliance period?

Yes, Borr Drilling shares will continue to trade on the NYSE during the compliance period.