Abraxas Petroleum Receives NASDAQ Notice Regarding Non-Compliance With Continued Listing Standards
August 28 2019 - 4:30PM
Business Wire
Abraxas Petroleum Corporation (“Abraxas” or the “Company”)
(NASDAQ: AXAS) today announced that yesterday it received notice
from The NASDAQ Stock Market LLC ("NASDAQ") that the company does
not presently meet the NASDAQ continued listing standard which
requires a minimum average closing price of $1.00 per share over a
period of 30 consecutive trading days.
In accordance with applicable NASDAQ procedures, the Company
plans to timely notify NASDAQ that it intends to pursue actions to
meet the minimum average share price requirement. NASDAQ provides
for a period of 180 days following receipt of the notice to meet
the standard and regain compliance for continued listing on the
exchange. The notice has no immediate impact on the listing of the
Company’s common stock, which will continue to trade on the NASDAQ
subject to the Company’s compliance with the other continued
listing requirements.
Abraxas is a San Antonio based crude oil and natural gas
exploration and production company with operations across the
Permian Basin, Rocky Mountain, and South Texas regions of the
United States.
Safe Harbor for forward-looking statements: Statements in this
release looking forward in time involve known and unknown risks and
uncertainties, which may cause Abraxas’ actual results in future
periods to be materially different from any future performance
suggested in this release. Such factors may include, but may not be
necessarily limited to, changes in the prices received by Abraxas
for crude oil and natural gas. In addition, Abraxas’ future crude
oil and natural gas production is highly dependent upon Abraxas’
level of success in acquiring or finding additional reserves.
Further, Abraxas operates in an industry sector where the value of
securities is highly volatile and may be influenced by economic and
other factors beyond Abraxas’ control. In the context of
forward-looking information provided for in this release, reference
is made to the discussion of risk factors detailed in Abraxas’
filings with the Securities and Exchange Commission during the past
12 months.
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version on businesswire.com: https://www.businesswire.com/news/home/20190828005716/en/
Steven P. Harris Vice President - Chief Financial Officer
Telephone 210.490.4788 sharris@abraxaspetroleum.com
www.abraxaspetroleum.com