Cal Dive International, Inc. (OTCMKTS:CDVI) Delisted from the NYSE

After spending a month at under $1 per share, yesterday Cal Dive International, Inc. (OTCMKTS:CDVI) got delisted from the New York Stock Exchange and started trading on the OTC marketplace. The company is trading under CDVI now, after switching from its previous ticker symbol – DVR.

Cal Dive is an offshore construction and maintenance services company. CDVI originally received its continued listing notice back in early September and the company stated its intention to remedy the low share price and remain on the NYSE but that plan did not quite click. The company has not been doing particularly well both on charts, as well as on the books. While still trading as DVR, the company issued a number of press releases mirrored by 8-K filings, informing of ongiong talks related to the refinancing of the company’s lien revolving credit facilities. However, the last of those announcements concluded that a favorable outcome is impossible to guarantee and that Cal Dive may need to resort to ‘less satisfactory measures’ to secure its operational liquidity.

The company’s last quarterly report listed the following:

  • $2.5 million in cash
  • $225 million in current assets
  • $372 million in current liabilities
  • $121 million in Q2 revenues
  • $29 million in Q2 net loss

The company’s last two quarters resulted in gross losses, even before expenses were factored in. Reigning in costs and restructuring the business was one of the items outlined in CDVI‘s plan to set the company back on track. How successful this restructuring turns out to be remains to be seen but the damage has been done.

Yesterday’s delisting and move to the OTC culminated a month-long chart slide from $0.95 down to CDVI‘s last close of $0.14 per share. Volume was fierce on the day of delisting, at 8.7 million shares. The future will tell whether the company manages to secure refinancing deals.

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