Hornbeck Offshore Services Inc. (HOS) announced yesterday that its common stock commenced trading on the OTC Pink marketplace (OTC Pink) Dec. 23.
The transition to the "pink sheets" comes after the New York Stock Exchange (NYSE) announced that trading of HOS common stock was suspended after the market closed on Dec. 20. Trading was suspended because the company did not maintain an average global market capitalization of at least $15 million over a consecutive 30-trading-day period, as required by NYSE continued listing standards.
Hornbeck Offshore said it intends to appeal the NYSE's decision to commence proceedings to delist the company's common stock and will request a review of its appeal. The company's timely appeal will stay the delisting but will not stay the suspension of trading of its shares on the NYSE pending completion of the review process. Meanwhile, Hornbeck Offshore intends to apply for the trading of its stock on the OTCQX Marketplace and, upon commencement of trading, it is anticipated that the shares of its common stock would continue trading under the symbol "HOSS".
The transition to the pink sheets, and upon trading thereon, the OTCQX Marketplace, does not change the company's obligation to file periodic and other reports with the Securities and Exchange Commission under applicable federal securities laws. In addition, the transition of the company's stock to the OTC Pink, and upon trading thereon, to the OTCQX Marketplace, will have no effect on its shares of common stock.
The company's stockholders remain owners of the common stock and were expected to be able to trade the common stock on the OTC Pink as of Dec. 23 and, subsequently, on the OTCQX Marketplace, pending the company's appeal of its delisting on the NYSE.