Nordic American Offshore fixes NYSE listing standard deficiencies

Offshore shipping company Nordic American Offshore (NAO) has corrected non-compliances regarding a notice from the New York Stock Exchange (NYSE).

NAO said on Tuesday that it had received notice from the New York Stock Exchange, dated May 8, that the company was not in compliance with the NYSE’s continued listing standards.

At the time, the average closing price of the company’s common shares was less than $1.00 per share over a 30 trading-day period. According to NYSE rules, the price of shares must be above $1.00 per share in order for the company to remain listed on the stock exchange.

NAO added in Tuesday’s statement that this non-compliance was corrected. The NYSE confirmed that NAO was in compliance with listing regulations on June 1, 2017.

In recent months, several offshore shipping companies experienced problems with continued listing standards.

Namely, offshore service vessel provider Tidewater also fell under the $1.00 minimum average share price while another OSV owner, GulfMark Offshore, was delisted from the NYSE and started trading in the Pink Sheets.

Like the two OSV players, Houston-based oil and gas company Vaalco Energy common stock also fell below the NYSE’s continued listing standard in April, soon after the company rebounded from previous delisting warnings.

Offshore Energy Today Staff

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