CHC Group Ltd. (NYSE: HELI), the parent company of CHC Helicopter, has announced that on July 23, 2015, the Company was notified by the New York Stock Exchange (NYSE) that the trading price of HELI is not in compliance with the NYSE’s continued listing standard that requires a minimum average closing price of $1.00 per share over a period of 30 consecutive trading days. The NYSE notification has no impact on the company’s business operations.
Under the NYSE’s rules, the company has a period of six months from the date of the NYSE notice to bring its 30-day average share price back above $1.00. However, if the company determines to remedy the non-compliance by taking action that will require shareholder approval, the company must obtain shareholder approval by no later than its next annual meeting, and implement such action promptly thereafter. During this period, the company’s ordinary shares will continue to be traded on the NYSE, subject to the company’s compliance with other NYSE listing requirements.
The company will respond to the NYSE to confirm its intent to cure this noncompliance. The NYSE notification does not affect the company’s Securities and Exchange Commission reporting requirements.
