U.S. ENERGY CORP. (NASDAQ:USEG) Files An 8-K Regulation FD DisclosureItem 7.01 Regulation FD Disclosure.
On November 7, 2017, the Company issued a press release announcing it received a notification letter from the Nasdaq Stock Market LLC.
A copy of the Press Release is furnished herewith as Exhibit 99.1.
Item 8.01 Other Events.
On November 3, 2017, U.S. Energy Corp. (the “Company”) received a notification letter from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that Nasdaq has determined to allow continued listing of the Company’s common stock on the Nasdaq Stock Market due to the Company’s bid price having closed above $1.00 for the prior ten consecutive trading days, subject to the following: on or before November 15, 2017, the Company must have evidenced a closing bid price of $1.00 or more for a minimum of 20 prior consecutive trading days. Should the Company fail to meet this requirement, it shall provide Nasdaq with an updated commitment and timeline for implementing a reverse stock split so as to ensure compliance no later than January 15, 2018.
On October 31, 2017 the Company filed a Definitive Proxy Statement on Schedule 14A which will be mailed to shareholders on or about November 17, 2017 for a special meeting of the Company to be held December 27, 2017. The purpose of the special meeting is to, among other things, obtain shareholder approval of an amendment to the Company’s articles of incorporation to implement a reverse stock split of the Company’s outstanding common stock at a reverse split ratio of 1-for-5. A reverse stock split will increase the trading price of the Company’s common stock above $1.00 per share and, accordingly, should allow the Company to maintain its listing on Nasdaq. If approved by the shareholders, implementation of such reverse stock split will be subject to the discretion of the Company’s board of directors. If the Company meets Nasdaq’s listing requirements prior to the special meeting, the board of directors, in its discretion, may elect not to effect the reverse stock split.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits. The following exhibits are included as part of this Current Report on Form 8-K:
| Exhibit No. | Description |
| 99.1 | Press Release dated November 7, 2017 |
US ENERGY CORP ExhibitEX-99.1 2 s108051_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 U.S. Energy Corp. Announces Continued Listing Plan Accepted by Nasdaq DENVER,…To view the full exhibit click here
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.