Enservco Receives Letter of Non-Compliance from NYSE American Related to Low Share Price
November 12 2019 - 4:10PM
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 NYSE American has
determined it has deemed it appropriate for the Company to effect a
reverse stock split to address the low selling price of the common
stock of the Company. The letter noted that the NYSE American
determined that the Company’s common stock has been selling for a
low price per share for a substantial period of time and the
Company’s continued listing is predicated on it effecting a reverse
stock split of its Common Stock or otherwise demonstrating
sustained price improvement no later than May 6, 2020. The
Company intends to regain compliance with the listing standards of
the NYSE American by undertaking a measure or measures that are for
the best interests of the Company and its stockholders.
The Company’s common stock will continue to be
listed on the NYSE American while it seeks to regain compliance
with the listing standards noted, subject to the Company’s
compliance with other continued listing requirements.
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,"
"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.
Contact:Pfeiffer High Investor
Relations, Inc.Jay PfeifferPhone: 303-880-9000Email:
jay@pfeifferhigh.com
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