Borr Drilling approves reverse split to cure non-compliance
Dec. 07, 2021 3:58 PM ETBorr Drilling Limited (BORR)By: Carl Surran, SA News Editor2 Comments
- Borr Drilling (BORR -6.2%) slumps to a two-month low after its board said it approved a 2-to-1 reverse stock split, effective December 14.
- The company had received notice from the NYSE that it was not in compliance with continued listing standards, as its average closing price had dropped below $1.00/share over a period of 30 consecutive trading days.
- Borr Drilling recently reported a Q3 GAAP loss of $0.12/share on revenues of $73M.