HOUSTON, Jan. 29, 2020 /PRNewswire/ -- Parker
Drilling Company (NYSE: PKD) (the "Company") today filed a Form 25
with the Securities and Exchange Commission ("SEC") to voluntarily
delist its shares of common stock from trading on the New York
Stock Exchange in connection with its previously announced plan to
deregister its common stock under the Securities Exchange Act of
1934, as amended (the "Exchange Act"). The Company expects that the
delisting will occur ten calendar days after the filing of the Form
25 so that trading will be suspended on February 10, 2020 prior to the market opening.
Following the delisting, the Company's Board of Directors (the
"Board") will evaluate updated ownership data to ascertain the
aggregate costs within the ranges of stock split ratios that the
Company's stockholders approved at a special meeting on
January 9, 2020. Based upon this
analysis, the Board will determine the appropriate ratio to
effectuate a reverse stock split, which will be followed
immediately by a forward stock split. As previously disclosed, the
Board, at its sole discretion, may elect to abandon the stock
splits and the overall deregistration process for any reason,
including if it determines that effectuating the stock splits would
be too costly. Assuming the Board determines to proceed with the
stock splits and the overall deregistration process, the Company
will file with the State of
Delaware certificates of amendment to the Company's
certificate of incorporation to effectuate the stock splits.
Following the effectiveness of the stock splits, the Company will
file a Form 15 with the SEC certifying that it has less than 300
stockholders, which will terminate the registration of the
Company's common stock under Section 12(g) of the Exchange Act. At
this time, the Company believes that any reverse stock split ratio
within the previously approved range would reduce the number of
record holders below 300, which is the level at or above which the
Company is required to file reports with the SEC.
For more information regarding the Company's deregistration and
delisting transaction, please refer to the definitive proxy
statement on Schedule 14A filed with the SEC on November 25, 2019.
About Parker Drilling
Parker Drilling provides drilling
services and rental tools to the energy industry. The Company's
Drilling Services business serves operators through the use of
Parker-owned and customer-owned rig fleets in select U.S. and
international markets, specializing in remote and harsh environment
regions. The Company's Rental Tools Services business supplies
premium equipment and well services to operators on land and
offshore in the U.S. and international markets. More information
about Parker Drilling can be found
on the Company's website at www.parkerdrilling.com.
Forward-Looking Statements
This press release may contain forward-looking statements that
are being made pursuant to the Private Securities Litigation Reform
Act of 1995, which provides a "safe harbor" for forward-looking
statements to encourage companies to provide prospective
information so long as those statements are accompanied by
meaningful cautionary statements identifying important factors that
could cause actual results to differ materially from those
discussed in the statement. Such forward-looking statements include
statements about the perceived benefits and costs of the proposed
transaction, the number of shares of the Company's common stock
that are expected to be cashed out in the proposed transaction and
the timing and stockholder approval of the proposed transaction.
Such forward-looking statements are subject to a number of known
and unknown risks and uncertainties that could cause actual
results, performance or achievements to differ materially from
those described or implied in such forward-looking statements.
Accordingly, actual results may differ materially from such
forward-looking statements. The forward-looking statements relating
to the transaction discussed above are based on the Company's
current expectations, assumptions, estimates and projections about
the Company and involve significant risks and uncertainties,
including the many variables that may impact the Company's
projected cost savings, variables and risks related to consummation
of the proposed transaction, SEC regulatory review of the Company's
filings related to the proposed transaction, and the continuing
determination of the Board of Directors and the Finance and
Strategic Planning Committee that the proposed transaction is in
the best interests of all stockholders. The Company assumes no
obligation for updating any such forward-looking statements to
reflect actual results, changes in assumptions or changes in other
factors affecting such forward-looking statements.
Contact:
Investor Relations
(+1) (281) 406-2000
IR@parkerdrilling.com
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SOURCE Parker Drilling Company
