REX ENERGY CORPORATION (NASDAQ:REXX) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01
On November16, 2017, Rex Energy Corporation (the “Company”) received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company was not in compliance with the continued listing requirements of The Nasdaq Capital Market because (i)the Company’s reported stockholders equity as of September30, 2017 was less than $2.5million and (ii)the Company currently does not meet the alternative criteria based on market value of listed securities or net income from continuing operations. The notice 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 “REXX”.
The Company has a period of 45 calendar days, or until January2, 2018, to submit a plan to regain compliance to Nasdaq. If the Company’s plan is accepted, Nasdaq can grant an extension of up to 180 calendar days from November16, 2017 to evidence compliance. The Company is currently evaluating available options to regain compliance with the listing requirements and intends to provide Nasdaq with a plan before January2, 2018. There can be no assurance that Nasdaq will accept the Company’s plan or that the Company will be able to regain compliance with the minimum stockholders’ equity requirement or maintain compliance therewith or with any other Nasdaq requirement in the future. If the Company’s plan is not accepted by Nasdaq, or if the Company does not regain compliance in the timeframe required by Nasdaq, the Company’s securities would be subject to delisting from The Nasdaq Capital Market unless the Company requests a hearing before a Nasdaq hearings panel.
About REX ENERGY CORPORATION (NASDAQ:REXX)
Rex Energy Corporation is an independent oil, natural gas liquid (NGL) and natural gas company. The Company has operations in the Appalachian Basin and Illinois Basin. In the Appalachian Basin, the Company is focused on its Marcellus Shale, Utica Shale and Upper Devonian (Burkett) Shale drilling and exploration activities. In the Illinois Basin, the Company is focused on its developmental oil drilling on its properties. The Company owns an interest in approximately 1,820 oil and natural gas wells. The Company produces an average of over 195.8 net millions of cubic feet equivalent (MMcfe) per day, composed of approximately 62.4% natural gas, over 9.5% oil and approximately 28.1% NGLs. In the Illinois Basin, the Company produces an average of approximately 1,998 barrels of oil per day (bopd). Including both developed and undeveloped acreage, the Company controls approximately 99,200 gross (over 79,700 net) acres in Illinois, Indiana and Kentucky.
