NGAS Resources Receives NASDAQ Notice of Bid Price Deficiency
30 Septembre 2010 - 10:30PM
NGAS Resources, Inc. (Nasdaq:NGAS) today announced that it received
a deficiency letter from the NASDAQ staff on September 27, 2010,
confirming that the company is not in compliance with the minimum
bid price requirement under NASDAQ Listing Rule 5459(a)(1).
The deficiency letter is based on closing bid prices below
$1.00 for the company's common stock during the 30 trading
days through September 24, 2010. The bid price
deficiency has no effect on the listing or trading of NGAS' common
stock on the NASDAQ Global Select Market at this time.
Under NASDAQ Listing Rule 5810(c), NGAS has an initial
grace period of 180 days to regain compliance with the minimum
bid price standard. During that period, the closing bid price
for its common stock must remain at or above $1.00 per share for
ten consecutive trading days to regain compliance. The initial
grace period expires on March 28, 2011. In the event that
the bid price deficiency is not cured by that time, an additional
180-day period will be available to regain compliance if the
company transfers its listing to the NASDAQ Capital Market and
meets all other listing requirements.
About NGAS Resources
NGAS Resources is an independent exploration and production
company focused on unconventional natural gas plays in the eastern
United States, principally in the southern Appalachian
Basin. Core assets include over 360,000 acres with interests
in approximately 1,400 wells and an extensive inventory of
horizontal drilling locations. NGAS also operates the gas
gathering facilities for its core Appalachian properties, providing
deliverability directly from the wellhead to the interstate
pipeline.
The NGAS Resources, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7617
Safe Harbor Statement
This press release contains "forward-looking statements," which
are based on management's expectations and are subject to risks and
uncertainties that may cause actual results, outcomes, timing and
performance to differ materially from those expressed or implied by
those statements. These risks and uncertainties are discussed
in the company's annual report on Form 10-K for the year ended
December 31, 2009, as filed with the Securities and Exchange
Commission.
NGAS - G
CONTACT: NGAS Resources, Inc.
Michael P. Windisch, CFO
(859) 263-3948
Fax: (859) 263-4228
ngas@ngas.com
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