Hornbeck stock listing moved; trading restrictions approved by court

By Caroline Salls

Pittsburgh, May 22 – Hornbeck Offshore Services, Inc. has been removed from listing on the OTCQB U.S. Market as a result of its Chapter 11 filing, according to an 8-K filed Friday with the Securities and Exchange Commission.

Hornbeck said it moved to and will continue trading on the OTC Pink Open Market. The company’s common stock began trading on the OTC Pink on Wednesday under the symbol HOSSQ.

In addition, Hornbeck said the U.S. Bankruptcy Court for the Southern District of Texas approved notification and hearing procedures for specified transfers of its common stock.

The procedures are designed to preserve and protect the potential value of the company’s existing and future net operating losses and other tax attributes.

The company said the procedures restrict some transactions involving any person or entity that is or would become the holder of at least 1.78 million shares, representing 4.5% of all outstanding shares of Hornbeck common stock as of the bankruptcy filing date.

Any prohibited transfer of stock would be deemed null and void, and remedial actions will be taken against the violating party.

Hornbeck is a Covington, La.-based provider of offshore supply vessels primarily in the Gulf of Mexico and Latin America. The company filed bankruptcy on May 19 under Chapter 11 case number 20-32679.

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