Enservco Receives Letter of Non-Compliance from NYSE American
December 06 2019 - 4:01PM
Enservco Corporation (NYSE American: ENSV), a diversified national
provider of specialized well-site services to the domestic onshore
conventional and unconventional oil and gas industries, today
announced it has received notification from the NYSE American
LLC (the “NYSE American”) indicating that the Company is not in
compliance with the NYSE American’s continued listing standards set
forth in Part 10 of the NYSE American Company Guide (the “Company
Guide”) with respect to stockholders’ equity levels.
Specifically, the Company is not in compliance with
Sections 1003(a)(i) and (ii) of the Company Guide in that it has
reported stockholders’ equity of less than $2 million as of
September 30, 2019, and reported losses from continuing operations
and/or net losses in its four most recent fiscal years.
In order to maintain its listing on the NYSE
American, the Company was requested to submit a plan of compliance
(the "Plan") by January 3, 2020 addressing how it intends to regain
compliance with Sections 1003(a)(i) and (ii) of the Company Guide
by June 3, 2021. The Company intends to fully comply with the NYSE
American’s requests and will submit its Plan accordingly.
In addition, as previously reported, the
Company received a notification from the NYSE American indicating
the Company’s common stock has been selling for a low price per
share for a substantial period of time, and the Company must
demonstrate an improved share price or effect a reverse stock split
of its common stock by no later than May 6, 2020, in order to
maintain the listing of the Company’s common stock on the NYSE
American.
Receipt of the notice from the NYSE American does
not have any immediate effect on the listing of the Company's
shares of common stock on the NYSE American, except that until the
Company regains compliance with the NYSE American's listing
standards, a ".BC" indicator will be affixed to the Company's
trading symbol.
About EnservcoThrough its various
operating subsidiaries, Enservco provides a wide range of oilfield
services, including hot oiling, acidizing, frac water heating,
water transfer and related services. The Company has a broad
geographic footprint covering seven major domestic oil and gas
basins and serves customers in Colorado, Montana, New Mexico, North
Dakota, Oklahoma, Pennsylvania, Ohio, Texas, Wyoming and West
Virginia. Additional information is available at
www.enservco.com
Cautionary Note Regarding Forward-Looking
StatementsThis news release contains information that is
"forward-looking" in that it describes events and conditions
Enservco reasonably expects to occur in the future. Expectations
for the future performance of Enservco are dependent upon a number
of factors, and there can be no assurance that Enservco will
achieve the results as contemplated herein. Certain statements
contained in this release using the terms "may," “intends,”
"expects to," and other terms denoting future possibilities, are
forward-looking statements. The accuracy of these statements cannot
be guaranteed as they are subject to a variety of risks, which are
beyond Enservco's ability to predict, or control and which may
cause actual results to differ materially from the projections or
estimates contained herein. Among these risks are those set forth
in Enservco’s annual report on Form 10-K for the year ended
December 31, 2018, and subsequently filed documents with the SEC.
Forward looking statements in this news release that are subject to
risk include the Company’s ability to regain compliance with the
NYSE American’s listing requirements. It is important that each
person reviewing this release understand the significant risks
attendant to the operations of Enservco. Enservco disclaims any
obligation to update any forward-looking statement made herein,
except as required by law.
Contact:
Pfeiffer High Investor Relations, Inc.
Jay Pfeiffer
Phone: 303-880-9000
Email: jay@pfeifferhigh.com
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