PKD will begin trading on the Pinks as of tomorrow!
Press Release: Parker Drilling Announces Move to OTC Pink Marketplace
5:36 pm ET December 12, 2018 (Dow Jones) Print
Press Release: Parker Drilling Announces Move to OTC Pink Marketplace
Parker Drilling Announces Move to OTC Pink Marketplace
PR Newswire
HOUSTON, Dec. 12, 2018
HOUSTON, Dec. 12, 2018 /PRNewswire/ -- Parker Drilling Company (NYSE: PKD) ("Parker Drilling" or the "Company") today announced the expected move of trading of the Company's Common Stock to the OTC Pink Marketplace from the New York Stock Exchange ("NYSE"). The Common Stock is expected to begin trading on the OTC Pink Marketplace operated by OTC Markets Group Inc. ("OTC Pink") under ticker symbol "PKDSQ" upon the opening of trading on December 13, 2018. This move should not disrupt the trading of the Common Stock.
As noted in the Company's filings with the Securities and Exchange Commission (SEC), Parker Drilling's average market capitalization, or total trading value, has fallen below the $15 million threshold over a 30 trading-day period that is required to remain in compliance with the NYSE's listing standards. Parker Drilling remains and intends to remain a publicly-traded company and expects to trade under the PKDSQ ticker symbol.
As previously announced, Parker Drilling and certain of its subsidiaries filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas on December 12, 2018 in order to implement the terms of a Restructuring Support Agreement ("RSA"). The RSA and proposed Chapter 11 Plan of Reorganization contemplate the cancellation of the existing Common Stock and the issuance of a new security when the Company emerges from Chapter 11 protection. While the existing stock is expected to continue to trade on the OTC Pink during the Chapter 11 cases, Parker Drilling intends to apply to list its new shares on the NYSE upon emergence.
While the Common Stock trades on the OTC Pink, Parker Drilling intends to comply with the SEC Reporting Standard. The Company will continue to make all required SEC filings and will remain subject to SEC rules and regulations applicable to reporting companies under the Securities Exchange Act of 1934, as amended. The Company plans to maintain a majority independent Board of Directors with an independent Audit Committee and to provide annual financial statements audited by a Public Company Accounting Oversight Board (PCAOB) independent registered public accounting firm and unaudited interim financial reports prepared in accordance with U.S. generally accepted accounting principles.
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