HOUSTON, Nov. 27, 2019 (GLOBE NEWSWIRE) -- On November 27, 2019, Key Energy Services, Inc. (NYSE: KEG) was notified by the New York Stock Exchange that the NYSE had determined to commence proceedings to delist the Company’s common stock from the NYSE as a result of the Company’s failure to maintain an average global market capitalization over a consecutive 30 trading-day period of at least $15 million pursuant to Rule 802.01B of the NYSE Listed Company Manual. The NYSE also suspended trading of the Common Stock effective immediately.

The NYSE stated that it will apply to the Securities and Exchange Commission (the “SEC”) to delist the Common Stock upon completion of all applicable procedure, including any appeal by the Company of the NYSE’s delisting determination. The Company does not intend to appeal the delisting determination.

The Company anticipates that the Common Stock will begin trading on the OTC Pink marketplace under the symbol "KEGX". The transition to over-the-counter markets will not affect the Company’s business operations or its SEC reporting and does not conflict with or cause an event of default under any of Key’s material debt or other agreements.

About Key Energy Services

Key Energy Services is the largest onshore, rig-based well servicing contractor based on the number of rigs owned. Key provides a complete range of well intervention services and has operations in all major onshore oil and gas producing regions of the continental United States.