Willbros Group received notification from the New York Stock Exchange (NYSE) that the price of its common stock has fallen below the NYSE’s continued listing standard, which requires the average closing price to be at least $1 per share over a consecutive 30-day trading period.
Willbros intends to respond to the NYSE within 10 business days with a plan to “cure the deficiency.” The Company has six months, or in certain circumstances, until it can take shareholder action at its next annual meeting, to regain compliance with the NYSE continued listing requirements. During the cure period, Willbros common stock will continue to be listed and traded on the NYSE, subject to compliance with the other listing standards.
The NYSE notification does not conflict with or violate any of the company’s credit or debt obligations.
Over the last 11 months, at the direction of the Board of Directors, management has taken aggressive actions to reduce G&A costs, exit non-performing businesses, sell non-core assets in order to reduce debt, bolster operating staff and management, and streamline operations,” said John T. McNabb, II, chairman and CEO. Our previously disclosed plan to sell our Professional Services segment remains on track and we believe we should have an agreement in place to sell the segment by the end of the third quarter, with the potential to significantly reduce our debt levels in the fourth quarter of 2015.”
If the Willbros share price has not recovered within the required period, the company’s common stock will be subject to NYSE’s suspension and delisting procedures.