SAExploration Announces Receipt of Nasdaq Non-Compliance Letter
22 Novembre 2019 - 11:00PM
SAExploration Holdings, Inc. (NASDAQ: SAEX, OTCQB:
SXPLW), or SAE, today announced that on November 19, 2019,
it received a notice (the “Notice”) from the Listing Qualifications
Department of the Nasdaq Stock Market LLC (“Nasdaq”) stating that
because the Company had not timely filed its Quarterly Report on
Form 10-Q for the quarterly period ended September 30, 2019 and
because the Company remains delinquent in filing its Quarterly
Report on Form 10-Q for the quarterly period ended June 30, 2019,
the Company is not in compliance with Nasdaq Listing Rule
5250(c)(1), which requires listed companies to timely file all
required public financial reports with the Securities and Exchange
Commission.
The Notice has no immediate effect on the
listing or trading of the Company’s common stock on the Nasdaq
Capital Market. The Notice states that the Company has until
December 17, 2019 to submit to Nasdaq an updated plan to regain
compliance with the Nasdaq Listing Rules. If Nasdaq accepts
the Company’s updated plan, then Nasdaq may grant the Company up to
180 days from the prescribed due date for filing the Quarterly
Report on Form 10-Q for the quarterly period ended June 30, 2019,
or until February 11, 2020, to regain compliance.
About SAExploration Holdings,
Inc.
SAE is an international oilfield services
company offering a full range of vertically-integrated seismic data
acquisition, data processing and interpretation, and logistical
support services throughout North America, South America, Asia
Pacific, Africa and the Middle East. In addition to the acquisition
of 2D, 3D, time-lapse 4D and multi-component seismic data on land,
in transition zones and offshore in depths reaching 3,000 meters,
SAE offers a full suite of data processing and interpretation
services utilizing its proprietary, patent-protected software, and
also provides in-house logistical support services, such as program
design, planning and permitting, camp services and infrastructure,
surveying, drilling, environmental assessment and reclamation, and
community relations. SAE operates crews around the world,
performing major projects for its blue-chip customer base, which
includes major integrated oil companies, national oil companies and
large independent oil and gas exploration companies. With its
global headquarters in Houston, Texas, SAE supports its operations
through a multi-national presence in the United States, United
Kingdom, Canada, Peru, Colombia, Bolivia, Malaysia, Singapore, and
Australia. For more information, please visit SAE’s website at
www.saexploration.com.
The information in SAE’s website is not, and
shall not be deemed to be, a part of this notice or incorporated in
filings SAE makes with the Securities and Exchange Commission (the
“SEC”).
Forward Looking Statements
Except for statements of historical fact, the
matters discussed herein are “forward-looking statements” within
the meaning of the applicable U.S. federal securities laws. The
words “may,” “possible,” “estimates”, “expects,” “believes” and
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Forward-looking statements, including
statements regarding the possible impact of the matters summarized
in this press release, may or may not be realized, and differences
between estimated results and those actually realized may be
material.
Factors that could cause actual results to
differ materially from those in the forward-looking statements
include, but are not limited to, risks relating to known and
unknown uncertainties, including:
- the outcome of the previously disclosed SEC investigation,
which could include sanctions against the Company and its officers
and directors, civil lawsuits and criminal penalties;
- the impact of the restatement and conclusion of the Company
regarding the effectiveness of its internal controls and disclosure
controls and procedures, among other things;
- the outcome of the Company’s internal investigation into the
matters summarized in SAE’s previous filings with the SEC;
- additional risks may arise in the process of completing the
restatement and related disclosures to be revised;
- the possible impact on payments received from the State of
Alaska regarding completed tax credits and pending
applications;
- risks related to a possible delisting from the Nasdaq Capital
Market;
- risks related to the Company’s debt agreements and related
previously disclosed events of default, including the risks that
the holders of the debt do not provide waivers of the events of
default and seek to accelerate the maturity date of the applicable
debt and exercise other remedies, such as foreclosure, among other
things;
- risks arising from the holders of the Company’s debt taking
other actions against the Company, including by seeking a
bankruptcy filing;
- the potential need for the Company itself to seek bankruptcy
protection;
- costs and outcomes of pending and future litigation;
- the time and expense required to respond to the SEC and for the
Company to complete the restatement and its internal investigation,
which expenses are likely to be material and are likely to have a
material adverse impact on the Company’s cash balance, cash flow
and liquidity; and
- other risks described more fully in the Company’s filings with
the SEC that relate to matters not covered in this press
release.
Each of these risks, and the known and unknown
consequences of these risks, could have a material negative impact
on the Company, its business and prospects. As of the date of this
press release, the Company cannot make any assurances regarding the
impact or outcome of these risks. Forward-looking statements
reflect the views of the Company as of the date hereof. The Company
does not undertake to revise these statements to reflect subsequent
developments, other than in compliance with U.S. federal securities
laws and the Company’s determination that any such revised
disclosure is necessary or advisable to do.
Contact
SAExploration Holdings, Inc.
Ryan Abney
Vice President, Finance
(281) 258-4400
rabney@saexploration.com
SAExploration (NASDAQ:SAEX)
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