Hamilton, Bermuda - Sept. 23, 2020
Hermitage Offshore Services Ltd. (“Hermitage Offshore,” or the “Company”) announced today that it has received notification from the New York Stock Exchange (“NYSE”) that the Company’s common stock has been suspended from trading on the NYSE as it has fallen below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15,000,000.
The suspension of trading does not affect the Company’s appeal rights with respect to the NYSE’s previously announced determination to commence delisting procedures with respect to the Company’s common stock. The hearing to review the delisting determination is scheduled to take place on December 17, 2020.
Commensurate with the suspension of trading from the NYSE, the Company expects that its common stock will be quoted on the OTC Pink marketplace ("OTC Pink"), operated by the OTC Markets Group Inc., effective Thursday, September 24, 2020 under the ticker symbol “HOFSQ”. The OTC Pink is a significantly more limited market than the NYSE, and the quotation of the Company’s common stock on the OTC Pink may result in a less liquid market available for existing and potential shareholders.
As previously disclosed, the Company and its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code on August 11, 2020.
The Company continues to believe that there is significant doubt as to its ability to operate as a going concern following the bankruptcy proceedings, and can make no assurance that it will be successful in its appeal of the decision of the NYSE to delist the securities or that there will be any equity value in its common shares at the conclusion of the Chapter 11 process.
About the Company
Hermitage Offshore Services Ltd. is an offshore support vessel company that owns 21 vessels consisting of 10 platform supply vessels, or PSVs and 11 crew boats. The Company’s vessels primarily operate in the North Sea and the West Coast of Africa. Additional information about the Company is available at the Company’s website www.hermitage-offshore.com, which is not a part of this press release.
Hermitage Offshore Services Ltd. press release