Struggling oilfield service company Weatherford International is now trading as a penny stock after being delisted from the New York Stock Exchange.
In a Thursday afternoon filling with the U.S. Securities and Exchange Commission, Weatherford reported that the company received a letter from NYSE stating that it’s stock had been suspended and that it was going to be delisted.
The NYSE decision comes days after the Swiss company with principal offices in Houston announced it had reached a deal with its top creditors and plans to file for Chapter 11 bankruptcy by July 15.
Traded on NYSE under the stock ticker symbol WFT, shares of Weatherford had been trading below $1 per share since mid-November.
Weatherford’s stock is now being traded on the “pink sheets” section of the OTC Markets under the stock ticker symbol WFTIF.
“The company intends to appeal NYSE’s decision to delist the company’s ordinary shares in accordance with the NYSE rules,” Weatherford officials said the SEC filing.
With roots in Texas going back to 1941, Weatherford is one of the largest oilfield service companies in the world. The global company had 67,000 employees at the beginning of 2014 but today, employs around 26,500 people in 80 nations. The company has seven locations in Texas, including four in the Houston area.
The company posted a $2.8 billion loss on $5.7 billion of revenue in 2018. Under a transformation plan released in Feb. 2018, the company has sold off its non-core assets and now focuses on drilling equipment and digital services.