Abraxas Petroleum Falls Out of Compliance With NASDAQ
San Antonio-based exploration and production company Abraxas Petroleum Corp. has received notice from The NASDAQ Stock Market LLC that the company is not in compliance with continued listing rules. The company failed to file its Form 10-K for the period ended Dec. 31, 2019.
Abraxas plans to file the documents as soon as it feasibly can, according to a company statement. It has 60 days following the notice to submit a plan to regain compliance for continued listing.
Mid-day on Feb. 26, Abraxas shares were trading at $0.13 each on the exchange.
This is the company’s second compliance snag over the past year. In February, the company received an extension on a previous non-compliance notice from the exchange. It received the original non-compliance notification on Aug. 28, 2019 when its stock failed to maintain a minimum average closing price of $1.00 per share over a period of 30 consecutive trading days.
Separately, in August 2019 Saltstone Capital Management LLC began pushing for Abraxas’ board to review strategic alternatives to maximize shareholder value. The firm sent a letter to the company’s board that same month citing “another earnings release and another series of disappointments.”
Abraxas has operations across the Permian Basin, Rocky Mountain, and South Texas regions of the United States.
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