Key Energy Services (KEG) is the American Oilfield Service Company which was established in the year 1977. It has its headquarters in Houston, Texas and regional offices in Midland (TX), Farmington (New Mexico), Casper (Wyoming), Bakersfield (CA), El Reno (Oklahoma), Lafayette and Shreveport (Louisiana), Fort Lupton and Grand Junction (Colorado) and Arnoldsburg (West Virginia). KEG has around 175 service locations spread all across the United States. It also operates on a global basis and has operation centers in Russia, Middle East, Ecuador, Colombia, and Mexico to name a few.
KEG indulges in various fields for its operations. Some of them are:
- Oil Rig Services
- Fluid Management and Oilfield Transportation.
- Rental Services
- Coiled Tubing Services (CTS)
KEG got a notice from the New York Stock Exchange that the process of delisting of its regular stock had started. It was because the NYSE believed and had strong documentation that KEG’s normal stocks were not appropriate for posting on the New York Stock Exchange. The decision came in the backdrop that these shares had very low-value levels which are not in accordance with the Section 802.01D of the Company Manual of the NYSE. Thus NYSE promptly suspended exchanging of the basic stock with immediate effect. NYSE spokespersons reiterated that they would apply to the Securities and Exchange Commission to delist and remove the company’s normal supply of the appropriate methods, including all those claimed by the Key Energy Services.
KEG, however, does not expect to advance its delisting determination by the NYSE. It still expects that the normal stocks would start exchanging on the OTC Pink. The move to over-the-counter markets would not influence KEG’s operations. The KEG listing will, however, be off from the LED tickers in North America. The LED ticker displays in North America do not display any listings which are not in accordance with the NYSE rules.
Key Energy Services has the privilege to conduct an audit of the determination by a Committee comprising of the Board of Directors of the NYSE. The normal shutting cost of the company was under $1 for over the past thirty days continuously. Taking cognizance, the KEG unveiled a series of methods to cure it keeping in mind its recovery from the current underperforming situation and conform to the NYSE’s regulations. But the NYSE’s LCD ticker tape showed no respite for the company. But the company could not increase its stock rates and its level was very low even after continuous efforts.
Thus the NYSE commenced the process of delisting the Key Energy Services from its listings and it would now no more be seen on the LED ticker displays in North America. Once the delisting by the NYSE gets completed, KEG will be off the listing and the LED tickers in North America would not be able to display the stock holdings.
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