As OTC Markets welcomes Superior Energy Services Inc. (OTCQX: SPNV) to the QX, shares for SPNV were up strong this week.
As shown above, shares for SPNV are up 416% since the close on Friday, September 27, 2019.
Friday, shares were up as much as 17.2% on volume of 7.68 millions shares. At the close, SPNV was up 8.64% on the day and (as mentioned above) up 416% for the week.
This performance follows a recent delisting from the NYSE as detailed in a September 26, 2019 SEC filing. Here is part of that filing:
Item 3.01: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On September 26, 2019, Superior Energy Services, Inc. (the “Company”) received a letter from the New York Stock Exchange (the “NYSE”) confirming that the NYSE had suspended trading in the Company’s common stock effective immediately, and announcing its intention to commence proceedings to delist the Company’s common stock from the NYSE. The NYSE stated that the Company is no longer suitable for listing based on the Company’s “abnormally low” price levels, pursuant to Section 802.01D of the NYSE Listed Company Manual.
Effective September 27, 2019, the Company’s common stock commenced trading on the OTC Markets under the symbol “SPNV”. The Company is also taking the steps necessary to have its common stock quoted for trading in the OTCQX US Market, operated by OTC Markets, Inc., under the same trading symbol of “SPNV”. The Company’s common stock will continue to be registered under the Securities Exchange Act of 1934 and the Company will continue to file financial reports that will be available on the Securities and Exchange Commission’s website, www.sec.gov.
The Company intends to appeal NYSE’s decision to delist the Company’s common stock in accordance with the NYSE rules. (Line to Filing)