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On December 29, 2020, U.S. Well Services Inc. received another written notice from Nasdaq (the “Third Notice”) notifying the Company that it had not regained compliance with the Minimum Bid Price Rule by the December 28, 2020 deadline and that the Company is not eligible for an additional 180 calendar day extension period for compliance as the Company’s stockholders’ equity as reported in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2020 does not comply with the minimum stockholders’ equity requirement for initial listing on The Nasdaq Capital Market, and the Company does not meet any of the alternatives under Listing Rule 5505(b). As a result, the Nasdaq staff has determined to delist the Common Stock from Nasdaq. The Third Notice also notified the Company that its public warrants no longer qualify for continued listing under Nasdaq Listing Rule 5560(a), which requires the security underlying the warrants (i.e., the Common Stock) to remain listed. As a result of the Staff’s determination to delist the Common Stock, the Staff has also determined to delist the public warrants from Nasdaq.
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