Key Energy Services NYSE: KEG) stock observed trading -87.33% off 52-week high price. On the other end, the stock has been noted 41.51% away from low price over the last 52-weeks. The stock disclosed a move of -18.59% away from 50 day moving average and -55.22% away from 200 day moving average. Moving closer, we can see that shares have been trading 19.27% off 20-day moving average. It has market cap of $47.86M.
Key Energy Services NYSE: KEG) announced that it had received a letter from the New York Stock Exchange (the NYSE) notifying it that Key was not in compliance with the NYSE’s continued listing standards because, over a period of 30 consecutive trading days, the average market capitalization of Key’s common shares was below $50 million and Key’s stockholders’ equity was less than $50 million as of March 31, 2019. This notice does not have an immediate effect on the listing of Key’s common shares.
In accordance with NYSE rules, Key intends to timely notify the NYSE that Key intends to cure the deficiency. Under the NYSE rules, Key has 45 days from the receipt of the notification to submit a plan advising the NYSE of definitive action Key has taken, or is taking,that would bring Key into conformity with the continued listed standards within 18 months of receipt of the notification. Key intends to develop and submit a business plan to bring it into compliance with the listing standards within the required timeframe.
Within 45 days of receipt of the plan, the NYSE will make a determination as to whether Key has made a reasonable demonstration of an ability to come into conformity in the 18-month period. If the NYSE accepts the plan, Key’s common shares will continue to be listed and traded on the NYSE during the 18-month cure period, subject to Key’s compliance with other continued listing standards, and Key will be subject to quarterly monitoring by the NYSE for compliance with the plan.
The NYSE notification does not affect Key’s business operations or its Securities and Exchange Commission reporting requirements and does not conflict with or cause an event of default under any of the Company’s material debt or other agreements.
Rob Saltiel, Key’s Chief Executive Officer, said,This notice from the NYSE will not affect our day-to-day operations nor impact the exceptional services that our employees deliver to our clients. We are committed to pursuing opportunities that will increase the value of Key’s shares and returning to compliance with the NYSE listing standards during the 18-month cure period. The USA based company Key Energy Services moved with change of 12.50% to $2.25 with the total traded volume of 1375502 shares in recent session versus to an average volume of 323.54K. The stock was observed in the 5 days activity at 19.05%. The one month performance of stock was 30.81%. KEG’s shares are at -44.58% for the quarter and driving a -86.32% return over the course of the past year and is now at 8.70% since this point in 2018. The average volatility for the week and month was at 15.08% and 12.20% respectively. There are 21.27M shares outstanding and 8.81M shares are floated in market.
Category – Market Movers
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