Newpark Resources Receives NYSE Continued Listing Standard Notice
Newpark 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
Newpark is evaluating all available options to regain compliance with the NYSE's continued listing standards, which may include transactions that are subject to the approval of Newpark's shareholders. In such a case, Newpark would have until its next annual meeting of shareholders to obtain shareholder approval for such action, notwithstanding the six-month cure period referenced above. Newpark would be required to implement the action promptly after receiving shareholder approval, and the minimum share price requirement will be deemed cured if the price promptly exceeds
During the period of non-compliance, subject to Newpark's continued compliance with other NYSE listing requirements, the Company's shares will continue to be traded on the NYSE under the symbol "NR" with an added designation of ".BC" (which indicates the shares are below compliance). If Newpark is unable to cure the deficiency within the time periods referenced above, the NYSE may initiate procedures to suspend and delist its shares.
The current NYSE notification does not impact Newpark's ongoing business operations or its
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements other than statements of historical facts are forward-looking statements. Words such as "will," "may," "could," "would," "should," "anticipates," "believes," "estimates," "expects," "plans," "intends," and similar expressions are intended to identify these forward-looking statements but are not the exclusive means of identifying them. These statements are not guarantees that our expectations will prove to be correct and involve a number of risks, uncertainties, and assumptions. Many factors, including those discussed more fully elsewhere in this release and in documents filed with the
Contacts: Senior Vice President & Chief Financial Officer 281-362-6800 |
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