Ecology and Environment Inc. Receives Nasdaq Determination Letter
May 16 2019 - 4:30PM
On May 13, 2019, Ecology and Environment Inc. (Nasdaq: EEI) (“E
& E” or the “Company”) received, as expected, a formal
determination letter (the “Letter”) from the Listing Qualifications
Department (“Nasdaq Staff”) of the Nasdaq Stock Market (“Nasdaq”)
stating that the Company did not meet the terms of the exception
that was previously granted by the Nasdaq Staff in order to allow
the Company to regain compliance with Nasdaq Listing Rule
5250(c)(1) (the “Rule”). As previously reported, the Company is not
in compliance with the Rule because it has not filed its Annual
Report on Form 10-K for the fiscal year ended July 31, 2018 and its
Quarterly Reports on Form 10-Q for the periods ended October 27,
2018 and January 26, 2019 (the “Delinquent Filings”). The Letter
provides that, as the Company did not regain compliance with the
Rule prior to May 13, 2019, the Company’s common stock would be
subject to delisting, unless the Company timely requests a hearing
before the Nasdaq hearings panel (the “Panel”).
The Company intends to timely request a hearing before the
Panel. At the hearing, the Company will present its plan for
regaining compliance with the Rule, and request continued listing
pending its return to compliance. The hearing request automatically
stays the delisting for a period of 15 calendar days from the date
of the request. In addition, in connection with its request for a
hearing, the Company will request that the Panel continue the stay
of delisting until the conclusion of the hearing process. The Panel
has the discretion to grant the Company an extension of time within
which to regain compliance with the Rule for a period not to exceed
360 days from the original due date for the first late filing.
There is no assurance that the Panel will grant the Company's
request for a stay of delisting pending the hearing or its request
to extend the time within which to regain compliance with the Rule
and for continued listing. Although the Company is working
diligently and currently anticipates it will submit its Delinquent
Filings to the Securities and Exchange Commission and regain
compliance with the Rule by the end of May 2019, it cannot provide
any assurances that such anticipated date will be met.
About Ecology and Environment Inc. E & E is
a global network of innovators and problem solvers, dedicated
professionals and industry leaders in scientific, engineering, and
planning disciplines working collaboratively with clients to
develop technically sound, science-based solutions to the leading
environmental challenges of our time. The company is listed on the
Nasdaq Stock Exchange under the ticker symbol EEI
and the information in this release can be found online at
www.ene.com.
Contact: Sara Herrmann Corporate Communications Manager (716)
684-8060 sherrmann@ene.com
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