Superior Energy Services Inc. on Sept. 26 received a letter from the New York Stock Exchange stating that the exchange suspended trading the company's common stock, effective immediately, and has begun the process of delisting its shares, according to the securities filing.
The NYSE said the company is no longer suited for listing due to its abnormally lower price levels. Superior Energy said it will appeal the decision.
On Sept. 27, the Superior Energy began trading its common stock on OTC Markets under SPNV. The company also said it is taking the necessary steps to have its shares quoted in the OTCQX US Market, also under the ticker SPNV.
