OSLO, Norway, May 12, 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. Effective April 21,
2020, the NYSE has provided relief for issuers which are not
compliant with the minimum $1 per
share standard, providing issuers additional time to cure the
non-compliance, which for the Company means 26 December 2020. 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,
May 12, 2020
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 complete an
annual general meeting and obtain approval for a reverse share
split, and otherwise 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