HOUSTON, Sept. 3, 2019 /PRNewswire/ -- Yuma Energy,
Inc. (NYSE American: YUMA) ("Yuma," the "Company," "we"
or "our") today announced that on August 30,
2019, the NYSE American LLC (the "Exchange") accepted the
Company's recently submitted plan to regain compliance with the
continued listing standards of the Exchange (the "Plan"). The
Plan is in response to both compliance notices issued by the NYSE
American which the Company previously announced on June 20, 2019 and on August 28, 2019.
The Company now has until December 17,
2020 to regain compliance with the Exchange's continued
listing standards as set forth in Section 1003(a)(ii) and (iii) of
the NYSE American Company Guide since it reported shareholders'
equity of $2.4 million on
June 30, 2019, which is below the
minimum standard of $4 million, and
reported losses from continuing operations and/or net losses in its
five most recent fiscal years.
At or before December 17, 2020,
the Company must either be in compliance or must have made progress
that is consistent with the Plan during that period. In order
to maintain its listing on the Exchange, the Exchange has requested
that the Company provide quarterly updates to the Exchange
concurrent with its interim and annual Securities and Exchange
Commission ("SEC") filings. Failure to meet the requirements
to regain compliance could result in the initiation of delisting
proceedings.
"We are pleased to have received the Plan acceptance from the
Exchange and look forward to the opportunity to demonstrate our
ability to execute on our strategic restructuring initiatives,"
said Anthony C. Schnur, Yuma's Chief
Restructuring Officer and Interim Chief Executive Officer.
"As we have previously disclosed, Yuma's management has recognized
the need to engage in financing transactions or other strategic
alternatives to address the Company's financial requirements and is
currently involved in restructuring discussions. We are
continuing to work with Seaport Global Securities LLC, an
investment banking firm, to advise the Company on various strategic
alternatives.'
About Yuma Energy, Inc.
Yuma Energy, Inc., a Delaware
corporation, is an independent Houston-based exploration and production
company focused on acquiring, developing and exploring for
conventional and unconventional oil and natural gas
resources. Historically, the Company's activities have
focused on inland and onshore properties, primarily located in
central and southern Louisiana and
southeastern Texas. Its common stock is listed on the
NYSE American under the trading symbol "YUMA."
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
(the "Securities Act"), and Section 21E of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"). Any and all
statements that are not strictly historical statements constitute
forward-looking statements and may often, but not always, be
identified by the use of such words such as "expects," "believes,"
"intends," "anticipates," "plans," "estimates," "potential,"
"possible," or "probable" or statements that certain actions,
events or results "may," "will," "should," or "could" be taken,
occur or be achieved. The Company's annual report on Form 10-K for
the year ended December 31, 2018,
quarterly reports on Form 10-Q, recent current reports on Form 8-K,
and other SEC filings discuss some of the important risk factors
identified that may affect its business, results of operations, and
financial condition. The Company undertakes no obligation to
revise or update publicly any forward-looking statements, except as
required by law.
For more information, please contact
Carol Coale
Managing Director
Dennard Lascar Investor
Relations
713-529-6600
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SOURCE Yuma Energy, Inc.