HOUSTON, July 27, 2016 /PRNewswire/ -- Key Energy
Services, Inc. (Key or the Company) (NYSE: KEG) today announced
that it received notification from the New York Stock Exchange
(NYSE) that the NYSE had determined to commence proceedings to
delist the Company's common stock as a result of the NYSE's
determination that the Company's common stock was no longer
suitable for listing on the NYSE based on "abnormally low" price
levels, pursuant to Section 802.01D of the NYSE's Listed Company
Manual. The NYSE also suspended trading in the Company's common
stock effective immediately.
The NYSE stated that it will apply to the Securities and
Exchange Commission (SEC) to delist the Company's common stock upon
completion of all applicable procedures, including any appeal by
the Company of the NYSE's determination. The Company does not
intend to appeal the delisting determination.
The Company anticipates that its common stock will begin trading
on the OTC Pink. Investors will be able to view quotes for
the Company's common stock on www.otcmarkets.com/home. The
transition to the over-the-counter markets will not affect the
Company's business operations. The Company will remain
subject to the public reporting requirements of the SEC following
the transfer.
The Company previously disclosed receipt of a notification from
the NYSE stating that the Company was not in compliance with the
continued listing standards set forth in Section 802.01C of the
NYSE's Listed Company Manual because the average closing price of
the Company's common stock was less than $1.00 over a consecutive 30 trading-day period.
Following receipt of such notice, the Company disclosed its intent
to cure such deficiency in order to regain compliance with the
NYSE's continued listing requirements. However, the Company's stock
traded at levels considered by the NYSE to be abnormally low prior
to the cure of the original deficiency.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Statements that are not historical in nature or that relate
to future events and conditions are, or may be deemed to be,
forward-looking statements. These forward-looking statements are
based on Key's current expectations and beliefs. No assurance can
be given that such expectations and beliefs will prove to have been
correct. Whenever possible, these forward-looking statements are
identified by words such as "expects," "believes," "anticipates"
and similar phrases.
Because such statements involve risks and uncertainties, many
of which are outside of Key's control, actual results and
performance may differ materially from the results expressed or
implied by such forward-looking statements. Given these risks and
uncertainties, readers are cautioned not to place undue reliance on
such forward-looking statements.
Important risk factors that may affect Key's business,
results of operations and financial position are discussed in its
most recently filed Annual Report on Form 10-K, recent Quarterly
Reports on Form 10-Q, recent Current Reports on Form 8-K and in
other SEC filings. Unless otherwise required by law, Key
also disclaims any obligation to update its view of any such risks
or uncertainties or to announce publicly the result of any
revisions to the forward-looking statements made here. However,
readers should review carefully reports and documents that Key
files periodically with the SEC.
About Key Energy Services
Key Energy Services is the largest onshore, rig-based well
servicing contractor based on the number of rigs owned. Key
provides a complete range of well intervention services and has
operations in all major onshore oil and gas producing regions of
the continental United States and internationally
in Mexico and Russia.
Contact:
West Gotcher, Investor Relations
713-757-5539
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SOURCE Key Energy Services, Inc.