Ocean Rig has won a reprieve from the Nasdaq and will be able to carry on trading shares in New York. The struggling George Economou-led outfit had been told at the end of March it would have to delist. It appealed the decision and now the Nasdaq hearings panel has given Ocean Rig a conditional exception to continue to trade on the Nasdaq as the company continues to implement a restructuring under its previously announced schemes of arrangement in the Cayman Islands.
The company must meet several requirements in order to satisfy the terms of the exception, including the consummation of the company’s restructuring.
