Civeo Receives Continued Listing Standard Notice from NYSE
December 04 2019 - 4:30PM
Business Wire
Civeo Corporation (NYSE: CVEO) today announced that on November
27, 2019, Civeo was notified by the New York Stock Exchange of its
noncompliance with continued listing standards because the average
closing price of its common shares over a prior 30 consecutive
trading day period had fallen below $1.00 per share, which is the
minimum average closing price per share required to maintain
listing on the NYSE.
In response to the letter, Bradley J. Dodson, Civeo’s President
and Chief Executive Officer, stated, “Oil prices have fallen since
early summer due to continued demand growth volatility and fear of
a global economic slowdown, creating increased pressure on energy
capital markets, particularly for small-cap companies with
operations in the U.S. and Canada such as Civeo. Our shares have
traded below $1.00 per share for a period of time long enough for
the NYSE to issue a non-compliance notice. In response, the
Company’s Board of Directors is reviewing all available
alternatives to return to compliance with the NYSE continued
listing standards. If necessary, the Company’s Board of Directors
intends to propose a reverse share split for shareholder approval
at the Company’s annual meeting of shareholders currently scheduled
for May 2020.”
As required by the NYSE, the Company has notified the NYSE of
its intent to cure the deficiency and restore its compliance with
the NYSE continued listing standards. In general, a listed company
has a period of six months following the receipt of the notice to
regain compliance. In order to regain compliance, on the last
trading day in any calendar month during the cure period, the
Company’s common shares must have (i) a closing price of at least
$1.00 per share and (ii) an average closing price of at least $1.00
per share over the 30 trading day period ending on the last trading
day of such month. If shareholder approval is required, the price
condition will be deemed cured if the price promptly exceeds $1.00
per share, and the price remains above the level for at least the
following 30 trading days. During this period, subject to Civeo’s
compliance with other NYSE continued listing requirements, Civeo’s
common shares will continue to be traded on the NYSE under the
symbol “CVEO” but will have an added designation of “.BC” to
indicate the status of the common shares as below compliance. If
Civeo is unable to regain compliance, the NYSE will initiate
procedures to suspend and delist Civeo’s common shares.
The NYSE notification does not affect Civeo’s business
operations or its Securities and Exchange Commission reporting
requirements and does not result in a default under any of the
Company’s material debt agreements.
About Civeo
Civeo Corporation is a leading provider of hospitality services
with prominent market positions in the Canadian oil sands and the
Australian natural resource regions. Civeo offers comprehensive
solutions for lodging hundreds or thousands of workers with its
long-term and temporary accommodations and provides food services,
housekeeping, facility management, laundry, water and wastewater
treatment, power generation, communications systems, security and
logistics services. Civeo currently operates a total of 29 lodges
and villages in Canada, Australia and the U.S., with an aggregate
of approximately 30,000 rooms. Civeo is publicly traded under the
symbol CVEO on the New York Stock Exchange. For more information,
please visit Civeo's website at www.civeo.com.
Forward Looking Statements
This news release contains forward-looking statements within the
meaning of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Forward-looking statements are
those that do not state historical facts and are, therefore,
inherently subject to risks and uncertainties. The forward-looking
statements in this news release include the statements regarding
Civeo’s future plans, including with respect to restoring
compliance with NYSE continue listing standards. The
forward-looking statements included herein are based on then
current expectations and entail various risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied by these forward-looking statements. Such
risks and uncertainties include, among other things, risks
associated with the general nature of the accommodations industry,
risks associated with the level of supply and demand for oil, coal,
iron ore and other minerals, including the level of activity and
developments in the Canadian oil sands, the level of demand for
coal and other natural resources from Australia, and fluctuations
in the current and future prices of oil, coal, iron ore and other
minerals, risks associated with currency exchange rates, risks
associated with the Noralta acquisition, risks associated with the
acquisition of Action Catering, risks associated with the
development of new projects, including whether such projects will
continue in the future, risks associated with the trading price of
the Company’s common shares and other factors discussed in the
"Management’s Discussion and Analysis of Financial Condition and
Results of Operations" and "Risk Factors" sections of Civeo’s
annual report on Form 10-K for the year ended December 31, 2018 and
other reports the Company may file from time to time with the U.S.
Securities and Exchange Commission. Each forward-looking statement
contained in this news release speaks only as of the date of this
release. Except as required by law, Civeo expressly disclaims any
intention or obligation to revise or update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20191204005903/en/
Regan Nielsen Civeo Corporation Director, Corporate Development
& Investor Relations 713-510-2400
Jeffrey Spittel FTI Consulting 832-667-5140
Civeo (NYSE:CVEO)
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