DENVER & PERTH, Australia–(BUSINESS WIRE)–Samson was advised today that staff of NYSE American has determined to commence proceedings to delist Company’s American Depositary Shares (“ADS”) from the Exchange on account of Samson’s failure to meet the stockholders’ equity requirement of $6,000,000 prior to September 14th 2017.
Samson intends to request a hearing before an NYSE Listing Qualifications Panel to review of the Staff’s decision within the 7 day window allowed by the NYSE Listing Rules. As a result, trading of Samson’s ADSs is expected to continue until a hearing is held and before a Listing Qualifications Panel issues its decision.
Samson is seeking review of the NYSE Staff’s determination because it believes that it will reestablish compliance with the $6 million shareholder equity requirement in the near term.
As previously advised, Samson is pursuing two initiatives to increase its shareholder equity, either of which would, standing alone, satisfy the listing standard. One initiative involves the issuance of new equity in connection with the refinancing of our existing debt facility. The second measure would allow Samson to recognize some of the value of its proved oil and gas properties on its financial statements by selling a portion of those properties for cash. While Samson is confident in the ultimate success of both endeavors, there is no assurance that they will be successfully completed or that such success will be achieved in time to satisfy the NYSE listing requirements.