Team, Inc. Receives Continued Listing Notice From NYSE
15 Juli 2022 - 10:45PM
TEAM, INC. (“TEAM” or the “Company”) (NYSE: TISI)
today announced that on July 13, 2022 it received written notice
from the New York Stock Exchange (“NYSE”) that the Company is not
in compliance with the continued listing standards set forth in
Rule 802.01C of the NYSE Listed Company Manual that requires listed
companies to maintain an average closing share price of at least
$1.00 over a consecutive 30 trading-day period (the “Notice”).
The NYSE rules require the Company to notify the
NYSE, within 10 business days of receipt of the Notice, of its
intent to cure this deficiency. The Company has six months
following the receipt of the Notice to cure the deficiency and
regain compliance. TEAM can regain compliance at any time during
the six-month cure period if, on the last trading day of any
calendar month during the cure period, its common stock has a
closing price of at least $1.00 and an average closing price of at
least $1.00 over the 30 consecutive trading-day period ending on
the last trading day of that month.
The Company will closely monitor the closing
share price of its common stock and is considering all available
options and intends to regain compliance with the NYSE listing
standards by pursuing measures that are in the best interests of
the Company and its shareholders, including potentially through the
consummation of a reverse stock split, subject to Board and
shareholder approval.
During this period, the Company’s common stock
will continue to be listed and traded on the NYSE under its
existing ticker symbol, with the addition of a suffix indicating
the “below compliance” status of its common stock, as
“TISI.BC.”
The Notice does not affect the Company’s
business operations, or its Securities and Exchange Commission
reporting requirements, and does not conflict with or trigger any
violation under the Company’s material debt agreements.
About Team, Inc.
Headquartered in Sugar Land, Texas, Team Inc.
(NYSE: TISI) is a global leading provider of Headquartered in Sugar
Land, Texas, Team, Inc. is a global leading provider of integrated,
digitally-enabled asset performance assurance and optimization
solutions. We deploy conventional to highly specialized inspection,
condition assessment, maintenance and repair services that result
in greater safety, reliability, and operational efficiency for our
client's most critical assets. Through locations in more than 20
countries, we unite the delivery of technological innovation with
over a century of progressive, yet proven integrity and reliability
management expertise to fuel a better tomorrow. For more
information, please visit www.teaminc.com.
Certain forward-looking information contained
herein is being provided in accordance with the provisions of the
Private Securities Litigation Reform Act of 1995. We have made
reasonable efforts to ensure that the information, assumptions, and
beliefs upon which this forward-looking information is based are
current, reasonable, and complete. However, such forward-looking
statements involve estimates, assumptions, judgments, and
uncertainties. May factors could cause actual results or outcomes
to differ materially from those addressed in the forward-looking
information. Although it is not possible to identify all of these
factors, they include, among others, the Company's ability to hire
a new chief executive officer in the near future, if necessary; the
duration and magnitude of accidents, extreme weather, natural
disasters, and pandemics (such as COVID-19) and related economic
effects, the Company's liquidity and ability to obtain additional
financing, the Company's ability to execute on its cost management
actions, the impact of new or changes to existing governmental laws
and regulations and their application, including tariffs and
COVID-19 vaccination requirements; the outcome of tax examinations,
changes in tax laws, and other tax matters; foreign currency
exchange rate and interest rate fluctuations; the Company's ability
to successfully divest assets on terms that are favorable to the
Company; our ability to repay, refinance or restructure our debt
and the debt of certain of our subsidiaries; anticipated or
expected purchases or sales of assets; and such known factors as
are detailed in the Company's Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K, each as filed
with the Securities and Exchange Commission, and in other reports
filed by the Company with the Securities and Exchange Commission
from time to time. Accordingly, there can be no assurance that the
forward-looking information contained herein, including statement
regarding the Company's financial prospects and the implementation
of cost saving measures, will occur or that objectives will be
achieved. We assume no obligation to publicly update or revise any
forward-looking statements made today or any other forward-looking
statements made by the Company, whether as a result of new
information, future events or otherwise, except as may be required
by law.
Contact:Christopher Robinson,
CFAVice President, Corporate Development & Investor
Relations(281) 388-5551
SOURCE Team, Inc.
Team (NYSE:TISI)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
Team (NYSE:TISI)
Historical Stock Chart
Von Mai 2023 bis Mai 2024