HOUSTON, Sept. 27, 2016 /PRNewswire/ -- Houston American
Energy Corp. (NYSE MKT: HUSA, or the "Company") today announced
receipt, on September 26, 2016, of
notification from NYSE Regulation that the Company continues to be
in non-compliance with the NYSE MKT's continued listing standards
and that the listing of the Company's common stock was being
continued pursuant to an extension.
The notification cited continued failure to comply with Section
1003(a)(iii) of the NYSE MKT Company Guide (the "Company Guide") as
a result of the Company's failure to maintain stockholders' equity
of at least $6 million coupled with
reported net losses in its five most recent fiscal years. The
notification also cited failure to comply with Section 1003(f)(v)
of the Company Guide as a result of the continued trading of the
Company's common stock at a low price.
As previously reported in a Current Report on Form 8-K filed
on March 22, 2016, the Company was previously notified by NYSE
MKT that the Company's continued listing was predicated on either
affecting a reverse stock split or otherwise demonstrating
sustained price improvement no later than September 19, 2016. The notification
reflects the determination by NYSE Regulation that the Company
failed to demonstrate sustained price improvement, through a
reverse split or otherwise, by the September
19, 2016 deadline. Pursuant to the most recent notification,
NYSE Regulation has granted to the Company an extension to the cure
period with respect to its stock price through January 3, 2017. If the Company is not in
compliance with the continued listing standards by January 3, 2017, or if it does not make progress
consistent with the plan in the interim, the NYSE Regulation staff
may initiate delisting proceedings as appropriate.
The NYSE MKT notice has no immediate impact on the listing of
the Company's common stock, which will, while the Company attempts
to regain compliance with the NYSE MKT listing standards and
subject to periodic review by NYSE Regulation, continue to trade on
the NYSE MKT under the symbol "HUSA," with the added designation of
".BC" to indicate that the Company is not in compliance with the
NYSE MKT's listing standards.
About Houston American Energy Corp.
Based in Houston, Texas,
Houston American Energy Corp. is a publicly-traded independent
energy company with interests in oil and natural gas wells,
minerals and prospects. The Company's business strategy includes a
property mix of producing and non-producing assets with a focus on
Texas, Louisiana and Colombia.
For additional information, view the company's website at
www.HoustonAmericanEnergy.com or contact the Houston
American Energy Corp. at (713) 222-6966.
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SOURCE Houston American Energy Corp.