Lilis Energy Notified of NYSE American Listing Deficiency
November 27 2019 - 4:15PM
Lilis Energy, Inc. (NYSE American: LLEX) (the “Company”), an
exploration and production company operating in the Permian Basin
of West Texas and Southeastern New Mexico, announced that on
November 21, 2019 it received a deficiency letter (the “Letter”)
from the NYSE American LLC (“NYSE American”), indicating that the
Company did not meet certain of the NYSE American continued listing
standards as set forth in the NYSE American Company Guide ("Company
Guide"). The Letter states that the Company is below compliance
with the continued listing standards as set forth in Section
1003(a)(i)-(iii) of the Company Guide because it has reported a
stockholders’ equity deficiency as of September 30, 2019 and net
losses in its five most recent fiscal years ended December 31,
2018.
The Company’s common stock will continue to be
listed on the NYSE American while it attempts to regain compliance
with the listing standards set forth in Section 1003(a)(i)-(iii) of
the Company Guide, subject to the Company’s compliance with other
continued listing requirements of the NYSE American. The Letter
does not affect the Company’s business operations or its reporting
obligations under the rules and regulations of the Securities and
Exchange Commission, nor does the Letter conflict with or cause an
event of default under any of the Company’s material
agreements.
Consistent with the rules set forth in the
Company Guide, the Company intends to submit a detailed plan of
compliance advising the NYSE American of the actions the Company
has taken, or plans to take, that would bring it into compliance
with the NYSE American’s continued listing standards within 18
months of receipt of the Letter.
As previously announced, the Board of Directors
of the Company has formed a Special Committee and engaged a
financial advisor tasked with reviewing and evaluating strategic
alternatives that may enhance the value of the Company, however
there is no assurance that any alternative will materialize.
About Lilis Energy, Inc.Lilis
Energy, Inc. is a Fort Worth based independent oil and gas
exploration and production company that operates in the Permian’s
Delaware Basin, considered among the leading resource plays in
North America. Lilis’ current total net acreage in the
Permian Basin is approximately 20,000 acres. Lilis Energy's
near-term E&P focus is to grow current reserves and production
and pursue strategic acquisitions in its core areas. For more
information, please visit www.lilisenergy.com.
Forward-Looking Statements:This
press release contains forward-looking statements within the
meaning of the federal securities laws. Such statements are subject
to a number of assumptions, risks and uncertainties, many of which
are beyond the control of the Company. These risks include,
but are not limited to, our ability to replicate the results
described in this release for future wells; the ability to finance
our continued exploration, drilling operations and working capital
needs; all the other uncertainties, costs and risks involved in
exploration and development activities; and the other risks
identified in the Company’s Annual Report on Form 10-K and its
other filings with the Securities and Exchange Commission.
Investors are cautioned that any such statements are not guarantees
of future performance and that actual results or developments may
differ materially from those projected in the forward-looking
statements. The forward-looking statements in this press
release are made as of the date hereof, and the Company does not
undertake any obligation to update the forward-looking statements
as a result of new information, future events or otherwise.
Contact:Wobbe PloegsmaV.P.
Capital Markets & Investor Relations210-999-5400, ext. 31
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