On top of an ongoing torrent of struggles for Hercules Offshore Inc. (NASDAQ:HERO), it appears that there might not be a bright spot on the horizon for the company any time soon.
Hercules revealed that it received a delisting notice last week. As of March 25, the company’s stock price has fallen below $1 per share for 30 consecutive days, which is the threshold for stock prices for Nasdaq. Hercules has until September 21, 2015, to bring stock prices back above $1, where it must stay for a minimum of 10 consecutive business days.
The delisting notification was made public through a filing with the Securities and Exchange Commission (SEC). As per regulation, Hercules filed the appropriate Form 8-K, which is required for any major events which should be made known to shareholders.
In June 2014, Hercules’ stocks piqued around $5 per share, but have since continued a dangerously steep decline. In the last six months, Hercules has idled or stacked much of its fleet in the Gulf of Mexico, forcing the company to lay off hundreds of workers. At the time of writing, Hercules shares were listed for $0.44.