Hercules to be delisted from Nasdaq; trading to be suspended Aug. 24

By Marisa Wong

Morgantown, W.Va., Aug. 17 – Hercules Offshore, Inc. received a letter from the Nasdaq listing qualifications staff on Aug. 13 stating that the company’s securities will be delisted from the Nasdaq.

The decision follows the company’s announcement that it filed voluntary petitions for reorganization under Chapter 11, according to an 8-K filed Monday with the Securities and Exchange Commission.

As previously disclosed, on March 25 Hercules received a deficiency notice from Nasdaq that, based on the closing bid price of its common stock for the last 30 consecutive business days, the company no longer meets the minimum $1.00 per share requirement under Nasdaq’s listing rules.

The letter received last Thursday indicates that, unless Hercules requests an appeal, trading of the company’s common stock will be suspended at the opening of business on Aug. 24.

The company currently does not intend to appeal Nasdaq’s decision.

If the company does not appeal, it expects that its securities will be eligible to be quoted on the OTC Bulletin Board or on the OTC Markets Group Inc.’s OTC Pink.

To be quoted on the OTCBB or the OTC Pink, a market maker must sponsor the security and comply with SEC Rule 15c2-11 before it can initiate a quote in a specific security, the filing noted. There can be no assurance this will happen, it added.

Hercules is a Houston-based provider of offshore drilling equipment and services. Its Chapter 11 case number is 15-11685.

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