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Precision Drilling receives delisting warning from NYSE

Calgary-headquartered oilfield services provider Precision Drilling Corp. on March 24 received a delisting warning from the New York Stock Exchange after the company failed to comply with the exchange's minimum closing share price requirement, according to a March 25 release.

Listed companies are required to maintain an average closing share price of at least $1 over 30 consecutive trading days. Precision's shares were last seen trading above $1 on the NYSE on March 6.

Under NYSE rules, the company has six months after receiving the notification to regain compliance.

Precision plans to notify the exchange of its intent to regain compliance and is considering all available options, which may include a reverse stock split, subject to approval of the company's shareholders. Precision's shares will continue to be traded on the NYSE during the six-month period.

In addition, the company's shares will continue to be traded on the Toronto Stock Exchange under the 'PD' ticker, as its listing on that exchange is not affected by the receipt of the NYSE's notification.