HOUSTON, Feb. 23, 2021 /PRNewswire/ -- U.S. Well Services,
Inc. (Nasdaq: USWS) (the "Company"), a market leader in electric
fracture stimulation services, today announced that it received
written notice from the Nasdaq Stock Market LLC ("Nasdaq") on
February 22, 2021 confirming that the
Company has regained compliance with Listing Rule 5550(a)(2) (the
"Minimum Bid Price Rule") and that it is in compliance with other
applicable requirements as required for listing on the
Nasdaq. Accordingly, the Panel has determined to continue the
listing of the Company's securities on Nasdaq.
The Nasdaq Hearings Panel has determined to impose a monitoring
period, pursuant to Listing Rule 5815(d)(4)(A), until August 23, 2021 (the "Panel Monitor").
During the Panel Monitor, the Company shall be under an obligation
to notify the Panel in writing, in the event of a closing bid price
below $1.00 on any trading day, and
in the event the Company falls out of compliance with any other
applicable listing requirement. Should the Company evidence a
closing bid price of less than $1.00
per share for 30 consecutive trading days at any point during the
Panel Monitor, the Panel (or a newly convened panel if the initial
panel is unavailable) will provide written notice to the Company
that it will promptly conduct a hearing with regards to this
deficiency. The Company would then have the opportunity to
respond/present to the Panel as provided by Listing Rule
5815(d)(4)(A). For further information regarding Nasdaq's written
notice to the Company, including detail regarding the Panel
Monitor, please see the Company's Current Report on Form 8-K that
the Company is simultaneously filing with the Securities and
Exchange Commission.
About U.S. Well Services, Inc.
U.S. Well Services, Inc. is a leading provider of hydraulic
fracturing services and a market leader in electric fracture
stimulation. The Company's patented electric frac technology
provides one of the first fully electric, mobile well stimulation
systems powered by locally-supplied natural gas, including field
gas sourced directly from the wellhead. The Company's electric frac
technology dramatically decreases emissions and sound pollution
while generating exceptional operational efficiencies, including
significant customer fuel cost savings versus conventional diesel
fleets. For more information visit: www.uswellservices.com.
Information on our website is not part of this release.
Contacts:
U.S. Well Services
Josh Shapiro
Vice President, Finance and Investor Relations
IR@uswellservices.com
Dennard Lascar Investor
Relations
(713) 529-6600
USWS@dennardlascar.com
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SOURCE U.S. Well Services, Inc.