Alta Mesa Cuts More Jobs Following Delisting Warning
Independent energy company Alta Mesa Resources, Inc. has cut more staff at its Houston facility, just one week after receiving a delisting warning from NASDAQ.
Alta Mesa cut another 13 employees on April 9, according to a letter sent to the Texas Workforce Commission (TWC). This comes after the company laid off 58 workers in February.
The company said the entire Houston facility is not being closed.
Alta Mesa has been embattled with layoffs recently as well as writing down the value of its assets by $3.1 billion – and most recently – its delisting warning.
According to an SEC filing dated April 8, Alta Mesa received a warning from NASDAQ on April 2 that the company was not in compliance with NASDAQ’s listing rule because the it “did not timely file its annual report on Form 10-K for the year ended December 31, 2018.”
On April 3, Alta Mesa received a letter from NASDAQ stating the company’s bid price for common stock closed below the minimum $1 per share requirement for the previous 30 consecutive business days.
Alta Mesa was given 180 days to regain compliance. During the compliance period, the its common stock will continue to be listed and traded on the NASDAQ Capital Market.
“In this challenging environment, we believe it is important to increase our liquidity to ensure we have adequate financial flexibility,” Alta Mesa’s interim CEO James Hackett said in a company statement dated April 8. “We will continue to explore our options to strengthen our balance sheet, including options to address our indebtedness.”
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