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Superior Energy Services Delisted from NYSE; Plans Appeal
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Superior Energy Services, Inc. reported that the NYSE has commenced proceedings to delist the Company's common stock and to suspend trading of the Company’s common stock due to "abnormally low" price levels.
The Company anticipates that effective September 27, 2019 its common stock will commence trading on the OTC Markets under the symbol “SPNV”. The transition to the over-the-counter market will not affect the Company’s business operations.
The Company believes the determination to commence delisting proceedings is unwarranted. As announced on August 12, 2019, the Company intends to implement a number of options, including a reverse stock split, to cure the low price condition. The Company will appeal the NYSE’s decision.
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