Glori Energy Inc. said Sept. 9 that it notified the NASDAQ Stock Exchange of its intention to voluntarily withdraw its common stock from listing, and to voluntarily terminate the registration of its stock under the Securities Exchange Act of 1934.
Glori said it will file periodic Form 10-K, 10-Q and 8-K reports with the Securities and Exchange Commission pursuant to the requirements of Section 15(d) of the Exchange Act.
Glori received a letter from NASDAQ Aug. 18 indicating its stockholders’ equity did not meet the $2.5 million minimum listing requirement as of June 30. The letter indicated that Glori also did not meet the market value of listed securities or net income from continuing operations standards that are alternatives to the stockholders' equity requirement.
Glori said it had until Oct. 17 to regain compliance with this requirement.
Kevin Guilbeau, executive chairman and CEO, said that the company is in the process of moving to the OTC Exchange.
He also said that in order to help shore up liquidity and fund certain up-front costs necessary to complete the leasing and development plan for the first Phoenix project, the company is discussing with investors the possibility of a modest capital raise at the corporate level.
Glori Energy Inc. is based in Houston.
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