The New York Stock Exchange LLC (“NYSE” or “Exchange”) announced that the staff of NYSE Regulation has determined to commence proceedings to delist the Class A ordinary shares (“common stock”) of Valaris plc (the “Company”) — ticker symbol VAL — from the NYSE.
Trading in the Company’s Class A ordinary shares (“common stock”) will be suspended immediately. In addition, NYSE Regulation has also determined to immediately suspend trading and commence delisting proceedings with respect to the following securities that are listed on the NYSE.
| Symbol | Description |
|---|---|
| VAL21 | VAL21 4.70% Senior Notes due 2021 |
| VAL24 | VAL24 4.50% Senior Notes due 2024 |
| VAL24A | 8.00% Senior Notes due 2024 |
| VAL25A | 5.20% Senior Notes due 2025 |
| VAL26 | 7.75% Senior Notes due 2026 |
| VAL44 | 5.75% Senior Notes due 2044 |
| VAL/22 | 4.875% Senior Note due 2022 |
| VAL/24 | 4.75% Senior Note due 2024 |
| VAL/25 | 7.375% Senior Note due 2025 |
| VAL/42 | 5.4% Senior Note due 2042 |
| VAL/44 | 5.85% Senior Note due 2044 |
NYSE Regulation reached its decision that the Company is no longer suitable for listing pursuant to Listed Company Manual Section 802.01D after the Company’s August 19, 2020 disclosure that it voluntarily filed for a Chapter 11 financial restructuring in the United States Bankruptcy Court for the Southern District of Texas. In reaching its delisting determination, NYSE Regulation noted the uncertainty as to the ultimate effect of this process on the value of the Company’s common stock. In addition, NYSE Regulation also noted that, the Company’s restructuring support agreement provides for the effective cancellation of existing equity interests. The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the Company’s securities upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
