Houston-based Key Energy Services, Inc. announced on Wednesday that the New York Stock Exchange will commence proceedings to delist the company’s common stock based on “abnormally low” price levels. The NYSE also suspended trading in the Company’s common stock effective immediately, according to the company’s news release.
An appeal by Key Energy Services is not expected.
The oil well servicing company will begin trading on the OTC Pink.
Key Energy Services has over 175 locations across the U.S. including Oklahoma.