HOUSTON, March 30, 2020 /PRNewswire/ -- Superior
Energy Services, Inc. (NYSE: SPN) (the "Company") today announced
it has received written notice ("Notice") from the New York Stock
Exchange (the "NYSE") that the Company is not in compliance with
the NYSE continued listing standard set forth in Rule 802.01B of the NYSE Listed Company Manual, which
requires the average global market capitalization over a
consecutive 30 trading-day period to be greater than or equal to
$50,000,000, unless at the same time
the stockholders' equity is equal to or greater than $50,000,000.
In accordance with applicable NYSE procedures, the Company plans
to submit a plan to regain compliance with the NYSE continued
listing standards within 18 months. The Company will submit
the plan to the NYSE within 45 days of its receipt of the Notice.
The Notice has no immediate impact on the listing of the Company's
common stock, which will continue to trade on the NYSE.
About Superior Energy Services
Superior Energy Services (NYSE: SPN) serves the drilling,
completion and production-related needs of oil and gas companies
worldwide through a diversified portfolio of specialized oilfield
services and equipment that are used throughout the economic life
cycle of oil and gas wells. For more information, visit:
www.superiorenergy.com.
This press release includes forward-looking statements as
defined under federal law, including, but not limited to, those
related to the company's intention to regain compliance with the
NYSE continued listing standards. These forward-looking statements
are generally identified by the words "believe," "expect,"
"anticipate," "estimate," "intend," "plan," "may," "should,"
"could," "will," "would," and "will be," and variations of such
words and similar expressions, although not all forward-looking
statements contain these identifying words. Such statements are
subject to significant risks, assumptions and uncertainties. Known
material factors that could cause the Company's actual results to
differ materially from the results contemplated by such
forward-looking statements are described in the forward looking
statements and risk factors in the Company's Annual Report on Form
10-K for the fiscal year ended December 31,
2019 and those risk factors set forth from time to time in
other filings with the Securities and Exchange Commission. The
Company undertakes no obligation to correct or update any
forward-looking statement, whether as a result of new information,
future events, or otherwise, except to the extent required under
federal securities laws.
View original
content:http://www.prnewswire.com/news-releases/superior-energy-services-receives-notice-from-nyse-regarding-continued-listing-standard-301032120.html
SOURCE Superior Energy Services, Inc.