Lonestar Resources US Inc. (NASDAQ:LONE) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On August 17, 2020, Lonestar Resources US Inc. (the “Company”) received a letter from the Listing Qualifications staff of The Nasdaq Stock Market (“Nasdaq”) notifying the Company that it is no longer in compliance with the minimum stockholders’ equity requirement for continued listing on the Nasdaq Global Select Market. Nasdaq Listing Rule 5450(b)(1)(A) requires listed companies to maintain stockholders’ equity of at least $10,000,000. The letter noted that the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2020 reported stockholders’ equity of ($30,229,000). Further, as of August 17, 2020, the Company did not meet the alternative compliance standards relating to the market value of publicly held shares and the amount of total assets and total revenues.
The notification letter has no immediate effect on the Company’s listing on the Nasdaq Global Select Market. Nasdaq has provided the Company with 45 calendar days, or until October 1, 2020, to submit a plan to regain compliance with the minimum stockholders’ equity standard.
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