Synthesis Energy Systems Announces Receipt of Non-Compliance Letter from Nasdaq
October 19 2018 - 4:15PM
Synthesis Energy Systems, Inc. (SES) (NASDAQ: SES), a global leader
in the clean and efficient production of low-cost synthesis gas for
high value energy and chemical products, today announced that the
Company received a notification letter from The Nasdaq Stock Market
LLC stating that the Company is not in compliance with Nasdaq
Listing Rule 5250(c)(1), which requires timely filing of all
required periodic reports with the Securities and Exchange
Commission (SEC). The letter was sent as a result of the Company’s
delay in filing its Annual Report on Form 10-K for the year ended
June 30, 2018. The Nasdaq notification letter has no immediate
effect on the listing or trading of the Company’s common stock.
The Company filed a Notification of Late Filing
on Form 12b-25 on September 28, 2018, indicating that the filing of
the Form 10-K would be delayed until after the completion of the
review of the disclosures and presentation contained in the Form
10-K of the impairment of certain investments of the Company.
The notification letter stated that, under
Nasdaq rules, the Company has 60 calendar days, or until December
17, 2018, to submit a plan to regain compliance with Nasdaq’s
continued listing requirements. The Company can also regain
compliance with Nasdaq’s continued listing requirements at any time
before December 17, 2018, by filing the Form 10-K with the SEC, as
well as any subsequent periodic financial reports that may become
due, and continuing to comply with Nasdaq’s other continued listing
requirements.
The Company’s management is working diligently
with its independent registered accounting firm, RSM US LLP, to
complete the Form 10-K. The Company intends to file the Form 10-K
with the SEC and regain compliance with Nasdaq’s continued listing
requirements as soon as practicable.
About Synthesis Energy Systems,
Inc.
Synthesis Energy Systems (SES) is a
Houston-based technology company focused on generating clean,
high-value energy from low-cost and low-grade coal, biomass and
municipal solid waste through its proprietary technology for
conversion of these resources into a clean synthesis gas (syngas)
and methane. SES’s proprietary technology enables the production of
clean, low-cost power, industrial fuel gas, chemicals, fertilizers,
transportation fuels, and substitute natural gas, replacing
expensive natural gas-based energy. SES’s technology can also
produce high-purity hydrogen for cleaner transportation fuels. SES
enables greater fuel flexibility for both large-scale and efficient
small- to medium-scale operations close to fuel sources. Fuel
sources include low-rank, low-cost high ash, high moisture coals,
which are significantly cheaper than higher grade coals, waste
coals, biomass, and municipal solid waste feedstocks. SES: Growth
With Blue Skies. For more information, please visit:
www.synthesisenergy.com.
Forward-Looking Statements
This press release includes "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements other than statements of
historical fact are forward-looking statements and are subject to
certain risks, trends and uncertainties that could cause actual
results to differ materially from those projected. Although we
believe that in making such forward-looking statements, our
expectations are based upon reasonable assumptions, such statements
may be influenced by factors that could cause actual outcomes and
results to be materially different from those projected by us. We
cannot assure you that the assumptions upon which these statements
are based will prove to be correct. Please refer to our latest Form
10-K available on our website at www.synthesisenergy.com.
Contact:
MDC Group Investor Relations: David Castaneda Arsen Mugurdumov
414.351.9758 IR@synthesisenergy.com
Media Relations: Susan Roush 805.624.7624
PR@synthesisenergy.com
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