Lilis Energy Notified of NYSE American Listing Deficiency
December 06 2019 - 4:15PM
Lilis Energy, Inc. (NYSE American: LLEX) (the “Company”), an
exploration and production company operating in the Permian Basin
of West Texas and Southeastern New Mexico, announced that on
December 3, 2019, Lilis Energy, Inc. (the “Company”) received a
deficiency letter (the “Deficiency Letter”) from the NYSE American
LLC (“NYSE American”) stating that the Company is below compliance
with the continued listing standards as set forth in Section
1003(f)(v) of the NYSE American Company Guide (the “Company Guide”)
because the Company’s common stock has been selling for a low price
per share for a substantial period of time. The Letter states that
the Company must effect a reverse stock split of its common stock
or otherwise demonstrate sustained price improvement no later than
June 3, 2020.
The Company’s common stock will continue to be
listed on the NYSE American, subject to the Company’s compliance
with other continued listing requirements of the NYSE American. The
Deficiency Letter does not affect the Company’s business operations
or its reporting obligations under the rules and regulations of the
Securities and Exchange Commission, nor does the Deficiency Letter
conflict with or cause an event of default under any of the
Company’s material agreements.
As previously announced, the Board of Directors
of the Company has formed a Special Committee and engaged a
financial advisor tasked with reviewing and evaluating strategic
alternatives that may enhance the value of the Company, however
there is no assurance that any alternative will materialize.
About Lilis Energy, Inc.Lilis
Energy, Inc. is a Fort Worth based independent oil and gas
exploration and production company that operates in the Permian’s
Delaware Basin, considered among the leading resource plays in
North America. Lilis’ current total net acreage in the
Permian Basin is approximately 20,000 acres. Lilis Energy's
near-term E&P focus is to grow current reserves and production
and pursue strategic acquisitions in its core areas. For more
information, please visit www.lilisenergy.com.
Forward-Looking Statements:This
press release contains forward-looking statements within the
meaning of the federal securities laws. Such statements are subject
to a number of assumptions, risks and uncertainties, many of which
are beyond the control of the Company. These risks include,
but are not limited to, our ability to replicate the results
described in this release for future wells; the ability to finance
our continued exploration, drilling operations and working capital
needs; all the other uncertainties, costs and risks involved in
exploration and development activities; and the other risks
identified in the Company’s Annual Report on Form 10-K and its
other filings with the Securities and Exchange Commission.
Investors are cautioned that any such statements are not guarantees
of future performance and that actual results or developments may
differ materially from those projected in the forward-looking
statements. The forward-looking statements in this press
release are made as of the date hereof, and the Company does not
undertake any obligation to update the forward-looking statements
as a result of new information, future events or otherwise.
Contact:Wobbe PloegsmaV.P.
Capital Markets & Investor Relations210-999-5400, ext. 31
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