SCOTTSDALE, Ariz., Nov. 27, 2015 /PRNewswire/ -- Nuverra
Environmental Solutions, Inc. (NYSE: NES) ("Nuverra" or the
"Company") announced today that it received written notice on
November 25, 2015 from the New York
Stock Exchange ("NYSE") that the Company had fallen below the
NYSE's continued listing standards because the Company's average
market capitalization has been less than $50
million over a consecutive 30 trading-day period and its
last reported shareholders' equity was less than $50 million.
The Company intends to submit a business plan to bring it into
compliance within the required 18-month timeframe, in accordance
with NYSE procedures. Nuverra has 45 days to submit its plan to the
NYSE's Listing and Compliance Committee for review and final
disposition. If the plan is accepted, the Company will have 18
months to regain compliance with the continued listing standards,
during which it will be subject to quarterly review for compliance
with the plan. If the plan is not accepted, the Company will be
subject to the delisting process and suspension from the NYSE.
The NYSE notification does not affect the Company's business
operations or its SEC reporting requirements. The Company's common
stock will continue to trade on the NYSE during the 18-month plan
period, subject to the Company's compliance with other listing
standards.
About Nuverra
Nuverra Environmental Solutions is among the largest companies
in the United States dedicated to
providing comprehensive, full-cycle environmental solutions to
customers in the energy market. Nuverra focuses on the delivery,
collection, treatment, recycling, and disposal of restricted
solids, water, wastewater, waste fluids and hydrocarbons. The
Company provides its suite of environmentally compliant and
sustainable solutions to customers who demand stricter
environmental compliance and accountability from their service
providers. Find additional information about Nuverra on the
Company's website, http://www.nuverra.com, and in documents
filed with the U.S. Securities and Exchange Commission ("SEC") at
http://www.sec.gov.
Forward-Looking Statements
The information contained herein includes certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, including statements regarding the continued trading
of the Company's stock on the NYSE, the Company's ability to timely
develop a plan, the Company's ability to regain compliance with
continued listing requirements, and the impact of the receipt of
the NYSE notice on the Company's future business operations and SEC
reporting requirements. All forward-looking statements are based on
information available to the Company on the date of this release
and are subject to risks and uncertainties that cannot be predicted
or quantified and are beyond the Company's control, including (1)
the difficulty of developing a plan that is approved by the NYSE,
(2) the difficulty of achieving compliance at the end of the 18
month plan period, and (3) the potential for the Company to be
below criteria with respect to other NYSE listing standards. The
Company does not undertake any obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Additional risks and
uncertainties are disclosed from time to time in the Company's
filings with the SEC, including the Annual Report on Form 10-K for
the fiscal year ended December 31,
2014, as well as Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K.
Contact: Nuverra Environmental Solutions,
Inc.
Liz Merritt, VP-Investor
Relations & Communications
480-878-7452
ir@nuverra.com
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SOURCE Nuverra Environmental Solutions, Inc.