WESTMORELAND COAL COMPANY (NASDAQ:WLB) 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 or Listing.
On March 22, 2018, Westmoreland Coal Company (the "Company") received a notification letter from The Nasdaq Stock Market ("Nasdaq") informing the Company that for the last 30 consecutive business days, the bid price of the Company’s common stock had closed below $1.00 per share, which is the minimum required closing bid price for continued listing on The Nasdaq Global Market to Listing Rule 5450(a)(1) ("Bid Price Rule"). On March 23, 2018, the Company received a second notification letter (collectively with the first notification letter, the "Notice Letters") from Nasdaq informing the Company that for the last 30 consecutive business days, the market value for the Company's publicly held common stock had closed below $15 million, which is the minimum market value of publicly held common stock required for continued listing on The Nasdaq Global Market to Listing Rule 5450(b)(3)(C) ("Market Value Rule").
The Notice Letters have no immediate effect on the listing or trading of the Company's common stock on The Nasdaq Global Market. The Company has 180 calendar days from the date of each of the Notice Letters, or until September 18, 2018 with respect to the Bid Price Rule, and September 19, 2018 with respect to the Market Value Rule, to regain compliance. To regain compliance with the Bid Price Rule, the closing bid price of the Company’s common stock must be at least $1.00 per share for a minimum of ten consecutive business days. To regain compliance with the Market Value Rule, the market value of the Company's publicly held common stocks at closing of the Company’s common stock must be at least $15 million for a minimum of ten consecutive business days. If the Company does not regain compliance the continued listing standards by September 18, 2018 with respect to the Bid Price Rule, and September 19, 2018 with respect to the Market Value Rule, the Company may be eligible for additional time to regain compliance or if the Company is otherwise not eligible, the Company may request a hearing before a hearings panel.
About WESTMORELAND COAL COMPANY (NASDAQ:WLB)
Westmoreland Coal Company is an energy company. The Company operates through six segments: Coal – U.S., Coal – Canada, Coal – Westmoreland Resource Partners, LP (WMLP), Power, Heritage and Corporate. Coal – U.S. segment includes the operations of coal mines located in Montana, North Dakota, Ohio, Texas and New Mexico. Coal – Canada segment includes the operations of coal mines located in Alberta and Saskatchewan. Coal – WMLP segment includes the operations of Westmoreland Resource Partners, LP, a coal master limited partnership. Power segment includes its Roanoke Valley Power Facility (ROVA) operations located in North Carolina. Heritage segment includes the benefits the Company provides to former mining operation employees, as well as other administrative costs associated with providing those benefits and cost containment efforts. Corporate segment consists of corporate administrative expenses.