We may not be able to maintain the listing of our
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Posted On: 03/28/2020 1:19:51 AM
We may not be able to maintain the listing of our common stock on the Nasdaq Capital Market, which could adversely affect our liquidity and the trading volume and market price of our common stock, and decrease your investment.
Our common stock is currently traded on the Nasdaq Capital Market. Under Nasdaq’s listing maintenance standards, on January 8, 2019, we received a letter from Nasdaq indicating that we did not satisfy the requirement for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(a), to maintain a minimum bid price of $1 per share. The Company was given 180 calendar days, or until July 8, 2019, to regain compliance. The Company’s securities began trading on the Nasdaq Capital Market on July 11, 2019. The Nasdaq staff granted the Company an additional 180 calendar days, or until January 6, 2020, to regain compliance. Another letter was received from Nasdaq on January 7, 2020, to the effect that the Company had not regained compliance with Listing Rule 5550(a)(2), and was now subject to delisting from the Nasdaq Capital Market. Furthermore, Listing Rule 5560(a) requires that the security underlying a company’s listed warrants remain listed on Nasdaq. Accordingly, the company’s warrants were also subject to delisting. On January 13, 2020, the Company appealed the January 7, 2020 delisting notice, and a hearing before a Nasdaq hearing panel was set for February 20, 2020. The Company’s management met with the Nasdaq panel on February 20, 2020. Following the hearing, by letter dated March 13, 2020, the Nasdaq Hearing Panel granted our request for continued listing on the Nasdaq Capital Market, subject to our demonstrating compliance with the minimum $1.00 per bid price requirement, as set forth in Nasdaq Listing Rule 5550(a)(2), on or before June 26, 2020. In order to regain compliance, we must evidence a closing bid price of at least $1.00 per share for a minimum of ten, through generally not more than 20, consecutive business days.
No assurance be provided that we will be able to maintain continued listing on Nasdaq. Delisting from the Nasdaq Stock Market may have an adverse effect on our ability to raise the capital needed to continue our oil and gas exploration efforts and maintain operations.
Our common stock is currently traded on the Nasdaq Capital Market. Under Nasdaq’s listing maintenance standards, on January 8, 2019, we received a letter from Nasdaq indicating that we did not satisfy the requirement for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(a), to maintain a minimum bid price of $1 per share. The Company was given 180 calendar days, or until July 8, 2019, to regain compliance. The Company’s securities began trading on the Nasdaq Capital Market on July 11, 2019. The Nasdaq staff granted the Company an additional 180 calendar days, or until January 6, 2020, to regain compliance. Another letter was received from Nasdaq on January 7, 2020, to the effect that the Company had not regained compliance with Listing Rule 5550(a)(2), and was now subject to delisting from the Nasdaq Capital Market. Furthermore, Listing Rule 5560(a) requires that the security underlying a company’s listed warrants remain listed on Nasdaq. Accordingly, the company’s warrants were also subject to delisting. On January 13, 2020, the Company appealed the January 7, 2020 delisting notice, and a hearing before a Nasdaq hearing panel was set for February 20, 2020. The Company’s management met with the Nasdaq panel on February 20, 2020. Following the hearing, by letter dated March 13, 2020, the Nasdaq Hearing Panel granted our request for continued listing on the Nasdaq Capital Market, subject to our demonstrating compliance with the minimum $1.00 per bid price requirement, as set forth in Nasdaq Listing Rule 5550(a)(2), on or before June 26, 2020. In order to regain compliance, we must evidence a closing bid price of at least $1.00 per share for a minimum of ten, through generally not more than 20, consecutive business days.
No assurance be provided that we will be able to maintain continued listing on Nasdaq. Delisting from the Nasdaq Stock Market may have an adverse effect on our ability to raise the capital needed to continue our oil and gas exploration efforts and maintain operations.
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