Lilis Energy Inc. said Dec. 6 it had received a deficiency letter for its common stock as the Permian Basin focused independent E&P continues to evaluate strategic alternatives.

The letter, from the NYSE American LLC, said Lilis Energy is below compliance with the stock exchange’s continued listing standards because the company’s common stock has been selling for “a low price per share for a substantial period of time.”

Lilis Energy will have to proceed with a reverse stock split of its common stock unless it can demonstrate sustained price improvement no later than June 3, according to the company press release.

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