HOUSTON, TX / ACCESSWIRE / August 2, 2019 / Stabilis Energy, Inc. (NASDAQ:SLNG), a vertically integrated provider of small-scale liquefied natural gas (“LNG”) production, distribution and fueling services to multiple end markets in North America, today announced that it received a staff determination letter from the listing qualifications department of The Nasdaq Stock Market LLC (the “Nasdaq Stock Market”) on July 30, 2019 setting forth a determination to delist the Company’s common stock from the Nasdaq Stock Market as a result of the Company’s inability to satisfy Nasdaq Listing Rule 5505(a)(2), which requires a minimum of 1,000,000 publicly held shares, and Nasdaq Listing Rule 5505(b)(1)(B), which requires a minimum market value of $15 million in publicly held shares.
Upon the completion of the share exchange of the Company with Stabilis Energy LLC and its subsidiaries on July 26, 2019, which resulted in a change of control of the Company, the Company did not satisfy all of the applicable Nasdaq standards to complete the Nasdaq initial listing process.
The Company intends to request a hearing with a Nasdaq hearings panel to appeal the staff’s delisting determination and request an extension to allow the Company to meet all the applicable listing standards in accordance with a compliance plan it will present. The Company intends to pursue certain actions outlined in its compliance plan to increase the number of publicly held shares as soon as practical to meet the applicable listing requirements; however, there can be no assurances that the Company will be able to do so within the period of time that may be granted by the hearings panel.
The appeal will stay any suspension or delisting action by Nasdaq pending the completion of the hearing process and the expiration of any extension period that may be granted to the Company by the hearings panel.
This announcement is made in accordance with Nasdaq Listing Rule 5810(b) which requires prompt disclosure of receipt of a staff delisting determination.
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Chief Financial Officer
SOURCE: Stabilis Energy, Inc.