Hornbeck Offshore has run afoul of the New York Stock Exchange's minimum trading price rules.
The Louisiana-based offshore vessel owner disclosed on Thursday that the exchange notified it that its average closing price over the last month has fallen below $1. It has six months to fix the deficiency or face delisting.
"The company intends to actively monitor the closing share price of its common stock and will explore all available options, including, if necessary, a reverse stock split of the company's common shares, subject to stockholder approval, to regain compliance," Hornbeck said.
The company's shares first slipped under $1 last month, closing 25 July at $0.95.
On 1 August, the company said that it had the liquidity to cover its near-term debt obligations, but would not be able to pay back its 2020 and 2021 debt without an offshore sector recovery and further debt management.
The company has spent much of 2019 extinguishing or refinancing its 2019 and 2020 notes.
Two weeks later, shares hit a 52-week low of $0.60.
At the open, Thursday, Hornbeck shares were trading at $0.76.
