In a widely anticipated move, helicopter services company Bristow Group received a delisting warning notification from the New York Stock Exchange (NYSE) on May 1. Bristow received the warning because the average closing price of its common stock had been below $1 for 30 consecutive days. The NYSE requires stocks to trade at a minimum of $1 per share.
Bristow stock was trading at $18.72 per share a year ago but has consistently been below 50 cents over the last few weeks. This morning it was trading at 38 cents, giving the company a market capitalization of less than $14 million.
Bristow has six months to regain compliance or its stock will be delisted from the NYSE. The NYSE also requires companies listed on the exchange to be in compliance with all U.S. Securities and Exchange Commission (SEC) regulations including the timely filing of financial reports. Bristow has delayed filing its latest report from the last quarter of calendar 2018, citing “material weaknesses” in its financial controls.