U.S. ENERGY CORP. (NASDAQ:USEG) 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 March 23, 2017, U.S. Energy Corp. (the Company) received a
notification letter from The Nasdaq Stock Market LLC (Nasdaq)
indicating that for 30 consecutive business days the Companys
common stock did not maintain a minimum closing bid price of
$1.00 (Minimum Bid Price Requirement) per share as required by
Nasdaq Listing Rule 5550(a)(2) (the Rule).
The Nasdaq notification has no immediate effect on the listing or
trading of the Companys common stock, which will continue to
trade on The Nasdaq Capital Market under the symbol USEG.
Consistent with the Rule, Nasdaq provided the Company with a
compliance period of 180 calendar days, or until September19,
2017, to regain compliance with the Rule. To regain compliance
with the Rule, the closing bid price of the Companys common stock
must meet or exceed $1.00 per share for at least ten consecutive
business days during this 180 calendar day period.
If the Company does not achieve compliance with the Minimum Bid
Price Requirement by September 19, 2017, Nasdaq will provide
written notification to the Company that the common stock is
subject to delisting. However, the Company may be eligible for an
additional 180 day compliance period to meet the Minimum Bid
Price Requirement, provided that it meets 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. To qualify for
more time, the Company will need to provide written notice of its
intention to cure the deficiency during the second compliance
period, by effecting a reverse stock split, if necessary. If the
Company meets these requirements, Nasdaq will inform the Company
that it has been granted an additional 180 calendar days.
However, if it appears to Nasdaq that the Company will not be
able to cure the deficiency, or if the Company is otherwise not
eligible, Nasdaq will provide notice that the Companys securities
will be subject to delisting.
The Company intends to monitor the closing bid price of its
common stock and may, if appropriate, consider implementing
available options to regain compliance with the Minimum Bid Price
Requirement.
About U.S. ENERGY CORP. (NASDAQ:USEG)
U.S. Energy Corp. (U.S. Energy) is an independent energy company focused on the acquisition and development of oil and gas producing properties in the continental United States. The Company’s business activities are focused on South Texas and the Williston Basin in North Dakota. The Company operates through Oil and Gas segment. The Company participates in oil and gas projects primarily as a non-operating working interest owner through exploration and development agreements with various oil and gas exploration and production companies. The Company is also pursuing acquisitions of exploration, development and production-stage oil and gas properties or companies. The Company holds a geographically and geologically diverse portfolio of oil-weighted prospects in varying-stages of exploration and development. The Company engages in the prospect stages either for its own account or with prospective partners to enlarge its oil and gas lease ownership base. U.S. ENERGY CORP. (NASDAQ:USEG) Recent Trading Information
U.S. ENERGY CORP. (NASDAQ:USEG) closed its last trading session down -0.030 at 0.820 with 6,882 shares trading hands.