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McDermott receives delisting warning from NYSE

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McDermott receives delisting warning from NYSE

McDermott International Inc. said Dec. 13 that it received a delisting warning from the NYSE after the company failed to comply with the exchange's minimum closing share price requirement.

Listed companies are required to maintain an average closing share price of at least $1.00 over 30 consecutive trading days. The Houston-based engineering and construction provider's stock has been trading under $1.00 since Nov. 8.

McDermott said in a securities filing that it plans to notify the NYSE of its intent to regain compliance.

Under NYSE rules, the company has six months after receiving the notification to regain compliance. During the period, McDermott's shares will continue to trade on the exchange, subject to compliance with other listing requirements, with a ".BC" indicator assigned to its stock symbol MDR.