NYSE Sends Transocean Continued Listing Standard Notice
Transocean Ltd. (NYSE: RIG) announced that it received formal notice from the New York Stock Exchange (the “NYSE”) of non-compliance with NYSE continued listing standards. Transocean received the notice because the average closing price of its shares fell below the minimum of $1.00 per share during a consecutive 30 trading-day period. The Company is in compliance with all other NYSE continued listing standards.
Transocean intends to cure the deficiency and regain compliance with NYSE’s listing standard. In general, the NYSE rules provide a period of six months from the date of the formal NYSE notice to regain compliance with the minimum share price criteria.
Compliance with the NYSE listing standard can be attained at any time during the six-month cure period if a company’s shares have a closing price of at least $1.00 per share on the last trading day of any calendar month during the cure period and an average closing price of at least $1.00 per share during the 30 trading-day period ending on the last trading day of that month.
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