Borr Drilling Ltd 6-K, filed Dec 7, 2021
Borr Drilling Ltd (BORR)
6-K
2021-12-07
For: 2021-12-07
View Original
Added on
April 10, 2026
About this 6-K
Borr Drilling Ltd filed this 6-K on December 7, 2021.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
December 7, 2021
Commission File Number 001-39007
Borr Drilling Limited
S. E. Pearman Building
2nd Floor 9 Par-la-Ville Road
Hamilton HM11
Bermuda
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F ☒ | Form 40-F ☐ |
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
| Yes ☐ | No ☒ |
If ‘‘Yes’’ is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
Exhibits
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Press Release
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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BORR DRILLING LIMITED
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Date: December 7, 2021
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By:
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/s/ Georgina Sousa
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Name:
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Georgina Sousa
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Title:
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Director
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Exhibit 99.1
Borr Drilling Limited – Reverse share split
December 7, 2021 - Borr Drilling Limited (the “Company”) refers to the announcement issued June 29, 2021 regarding the notice from the New York Stock Exchange
(“NYSE”) that the Company was not in compliance with the NYSE continued listing standard as the average closing price of its common shares had fallen below $1.00 per share over a period of 30 consecutive trading days.
Today, the Company announces that its Board of Directors has approved a 2-to-1 reverse share split of the Company’s shares (the “Reverse Split”) in order to
cure this non-compliance.
Upon effectiveness of the Reverse Split, every two shares of the Company’s issued and outstanding common shares, par value USD 0.05 per share, will be
automatically combined into one issued and outstanding common share, par value USD 0.10 per share. The current issued and outstanding shares of 274,436,351 will be consolidated into approximately 137,218,176 shares (subject to adjustment for
fractional shares), and the share capital will remain identical to the pre-Reverse Split amount of $13,721,817.55.
The last trading day before the effective date (last day including rights) will be on December 13, 2021 (T). Trading on a Reverse Split adjusted basis
(ex-date) will be on December 14, 2021 (T+1). The record date will be December 15, 2021 (T+2). The new ISIN number for the common shares after the Reverse Split is BMG1466R1732.
Shareholders who would otherwise hold a fractional share of the Company’s common shares in connection with the Reverse Split will receive cash payment equal
to the closing price per share for the Company’s shares on OSE and NYSE, respectively, on the last trading day prior to the ex-date for the Reverse Split. The cash payment is expected to be made to eligible shareholders during the week starting
January 3, 2022.
The Company’s Senior Unsecured Convertible Notes 2018/2023 conversion price will change from USD 31.7946 per share to USD 63.5892 per share as a result of the
Reverse Split.
December 7, 2021
The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. including statements about
the reverse share split, including timing of relevant dates for implementation of the reverse share split and other information relating to the share split and the adjustment to the conversion price of the convertible bonds and other non-historical
matters. These forward-looking statements are subject to significant risks, uncertainties, contingencies and factors that may cause actual results or achievements to be materially different from those expressed or implied by the forward-looking
statements including risks related to the implementation of the reverse share split and other risks described in our most recent Annual Report on Form 20-F and other filings with the US Securities and Exchange Commission. The forward-looking
statements made in this press release speak only as of the date of this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future
events or otherwise, after the date hereof or to reflect the occurrence of unanticipated events.