RENTECH, INC. (NASDAQ:RTK) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01.
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On April 10, 2017, Rentech, Inc. (the “Company”) received a notification letter from the Listing Qualifications Department of The NASDAQ Stock Market LLC (“NASDAQ”) indicating that the Company is not in compliance with NASDAQ Listing Rule 5550(a)(2) (the “Rule”) because the closing bid price of the Company’s common stock on The Nasdaq Capital Market has been below $1.00 per share for 30 consecutive business days. The Nasdaq notification has no immediate effect on the listing or trading of the Company’s common stock, which will continue to trade on The Nasdaq Capital Market under the symbol “RTK”.
The Company has 180 calendar days, or until October 9, 2017, to regain compliance. If, at any time before that date, the closing bid price of the Company’s common stock is at least $1.00 per share or more for a minimum of 10 consecutive business days, NASDAQ will notify the Company that it has achieved compliance with the Rule.
If the Company does not regain compliance by October 9, 2017, the Company may be eligible for a second compliance period of 180 calendar days. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide NASDAQ written notice of its intention to cure the deficiency during the second compliance period.
If it appears to the NASDAQ staff that the Company will not be able to cure the deficiency, or if the Company does not cure the deficiency following the additional time, NASDAQ will notify the Company that its common stock will be subject to delisting. At that time, the Company may appeal the Staff’s delisting determination to a Hearings Panel. If the Company timely appeals, it would remain listed pending the Hearing Panel’s decision.
The Company intends to monitor the closing bid price of its common stock and may consider implementing available options to regain compliance with the Rule. This information is being provided to comply with NASDAQ Listing Rules requiring public announcement of the Company’s receipt of the notification letter from NASDAQ.
About RENTECH, INC. (NASDAQ:RTK)
Rentech, Inc. is a provider of wood fiber processing services, wood chips and wood pellets. The Company’s processing business includes Fulghum Fibres, Inc. (Fulghum), which operates approximately 30 wood chipping mills in the United States and South America. The Company provides wood yard operations services. The Company operates a wood fiber processing business. The Company’s segments include Fulghum Fibres, which involves the operations of Fulghum; Wood Pellets: Industrial, which includes its facilities and wood pellet development activities, and Wood Pellets: New England Wood Pellet, LLC (NEWP), which involves in the operations of NEWP and produces wood pellets for the residential and commercial heating markets in the United States, and it also includes Allegheny Pellet Corporation’s (Allegheny’s) operations. RENTECH, INC. (NASDAQ:RTK) Recent Trading Information
RENTECH, INC. (NASDAQ:RTK) closed its last trading session down -0.002 at 0.442 with 171,970 shares trading hands.
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