GulfMark Offshore, Inc. (OTCMKTS:GLFM) Receives Continued Listing Standard Notice from NYSE

GulfMark Offshore, Inc. (OTCMKTS:GLFM)

GulfMark Offshore, Inc. (OTCMKTS:GLFM) has announced receiving a notice from the New York Stock Exchange (“NYSE”) of non-compliance in the pricing of its Class A common stock with the Exchange’s standards for continued listing. According to the Exchange’s requirements for continued listing, the stock should maintain a minimum closing price of $1.00 per share for a period of 30 consecutive trading sessions.

The notice will however not impact on the company’s ongoing reporting at SEC nor its business operations.

As one of the NYSE requirements, GulfMark Offshore, Inc. (OTCMKTS:GLFM) will write to the NYSE, within 10 days of being issued the notice, outlining its plans to cure the deficiency to which it will be subjected to NYSE’s delisting and suspension procedures. Additionally, and as per the listing rules of NYSE, the NYSE will quickly launch delisting and suspension procedures on the company if it is established that the company’s average global market capitalization for 30 consecutive trading sessions is below $15 million. The current GulfMark’s global market capitalization is way below the required $15 million – a circumstance that has been in effect since March 15, 2017. Consequently, the company is likely to be subjected to delisting and suspension as per NYSE standards. In case the company’s trading is suspended awaiting delisting, it is expected that the common stock will be categorized in the “Pink Sheet” of the OTC Markets Group, Inc.

GulfMark Offshore, Inc. (OTCMKTS:GLFM) recently announced that it had failed to pay its debt on time as required. Following the company’s announcement, its shares fell 39% to a record low. This was disclosed in the company’s fillings at the Securities and Exchange Commission. Gulfmark said it had failed to make a timely payment of $13.7 million worth of interest which was due on Wednesday. The interest is a result of the 6.375% accrual on Senior Notes which are due 2022 with a grace period of 30 days which were provided for in the indenture.

In the case GulfMark Offshore, Inc. (OTCMKTS:GLFM) fails to honor the payment within the grace period, it will be regarded as a default as stated in its SEC filings. GulfMark Offshore is an oil and Gas Company engaged in provision of marine transportation services to the energy sector. The company has a big fleet of vessels offering offshore support. The company serves major global offshore energy industry.

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.

Author: Monica Gray

Monica has an undergraduate degree in Accounting and an MBA she earned - with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

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