SCOTTSDALE, Ariz., Dec. 18, 2015 /PRNewswire/ -- Nuverra
Environmental Solutions, Inc. (NYSE: NES) ("Nuverra" or the
"Company") announced today that it received written notice on
December 17, 2015 from the New York
Stock Exchange ("NYSE") that the Company had fallen below the
NYSE's continued listing standard, which requires that the average
closing price of a listed company's common stock equal at least
$1.00 per share over a consecutive
30-day trading period. In accordance with the NYSE rules, Nuverra
will notify the NYSE within 10 business days of its intent to cure
the deficiency under continued listing standard 802.01C and return
to compliance.
The Company has six months from its receipt of notice to regain
compliance with the minimum share price requirement. The Company
can regain compliance with the standard at any time during the
six-month period when its common stock has a closing share price of
at least $1.00 and an average closing
share price of at least $1.00 over
the 30-trading-day period ending on the last trading day of that
month or the last trading day of the cure period. If the Company
does not regain compliance within the six-month cure period, it
will be subject to the delisting process.
NYSE notifications do not affect the Company's business
operations or its SEC reporting requirements. The Company's common
stock will continue to trade on the NYSE subject to the Company's
ability to maintain 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 in regaining compliance with the minimum share price
requirement, (2) the difficulty of developing a plan that is
approved by the NYSE, (3) the difficulty of achieving compliance at
the end of the 18 month plan period, and (4) the potential for the
Company to be below criteria with respect to other NYSE listing
standards, certain of which may result in immediate suspension and
delisting from the NYSE. 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.
Liz Merritt, VP-Investor
Relations & Communications
480-878-7452
ir@nuverra.com
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SOURCE Nuverra Environmental Solutions, Inc.