HOUSTON, Jan. 10, 2019 /PRNewswire/ -- Yuma Energy,
Inc. (NYSE American: YUMA) (the "Company") today announced
that on January 4, 2019, it received
a deficiency letter ("Letter") from the NYSE American LLC (the
"NYSE American") stock exchange indicating that pursuant to
Section 1003(f)(v) of the NYSE American Company Guide,
the Company's common stock has been selling for a low price per
share for a substantial period of time. Accordingly, the Letter
states that the Company must demonstrate an improved share price
improvement or effect a reverse stock split of its common stock by
no later than July 4, 2019, in order
to maintain the listing of the Company's common stock on the NYSE
American.
As previously reported, the Company has retained Seaport Global
Securities LLC, an investment banking firm, to advise the Company
on its strategic and tactical alternatives, including possible
mergers, acquisitions and divestitures.
The Company will continue to consider opportunities that are in
the best interests of the Company and its stockholders, with
respect to specific measures regarding the continued listing of the
Company's common stock on the NYSE American, including the
potential to seek approval of the Company's stockholders to permit
its Board to effect a reverse stock split of the Company's common
stock. If the Company is unable to regain compliance, the
NYSE American will initiate procedures to suspend and delist the
Company's common stock. In the interim, the Company's common
stock continues to be listed on the NYSE American, under the
trading symbol "YUMA", subject to the Company's compliance with
other continued listing requirements and subject to the trading
price remaining above a required $0.06 minimum per share. The NYSE American
will add the designation of ".BC" to indicate that the Company is
below compliance with the listing standards set forth in the NYSE
American Company Guide. The NYSE American notification of continued
listing deficiency does not affect the Company's business
operations or its reporting obligations under the Securities and
Exchange Commission ("SEC") regulations.
About Yuma Energy, Inc.
Yuma Energy, Inc., a Delaware
corporation, is an independent Houston-based exploration and production
company focused on acquiring, developing and exploring for
conventional and unconventional oil and natural gas
resources. Historically, the Company's operations have
focused on onshore properties located in central and southern
Louisiana and southeastern
Texas where it has a long history
of drilling, developing and producing both oil and natural gas
assets. In addition, during 2017 the Company began acquiring
acreage in Yoakum County, Texas,
with plans to explore and develop oil and natural gas assets in the
Permian Basin. Finally, the Company has operated positions in
Kern County, California, and
non-operated positions in the East Texas Woodbine. Its common
stock is listed on the NYSE American under the trading symbol
"YUMA."
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
(the "Securities Act"), and Section 21E of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"). Statements that are
not strictly historical statements constitute forward-looking
statements and may often, but not always, be identified by the use
of such words such as "expects," "believes," "intends,"
"anticipates," "plans," "estimates," "potential," "possible," or
"probable" or statements that certain actions, events or results
"may," "will," "should," or "could" be taken, occur or be achieved.
The Company's annual report on Form 10-K for the year ended
December 31, 2017, quarterly reports
on Form 10-Q, recent current reports on Form 8-K, and other SEC
filings discuss some of the important risk factors identified that
may affect its business, results of operations, and financial
condition. The Company undertakes no obligation to revise or update
publicly any forward-looking statements, except as required by
law.
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SOURCE Yuma Energy, Inc.