McDermott said it has been formally notified by the New York Stock Exchange that the average closing price of the its shares of common stock had fallen below $1.00 per share over a period of 30 consecutive trading days, which is the minimum average share price for continued listing on the NYSE.
The company said it plans to notify the NYSE of its intent to cure the deficiency and return to compliance with the NYSE continued listing requirements.
Under the NYSE’s rules, the cure period extends for six months following receipt of the notification.
The company’s shares of common stock continue to trade on the NYSE, subject to compliance with other continued listing requirements.
Under the NYSE rules, the company can regain compliance at any time during the six-month cure period if, on the last trading day of any calendar month during the cure period, its common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month.
Failure to satisfy the conditions of the cure period or to maintain other listing requirements could lead to a delisting.