Finance & Investing | Financial Trouble | Capital Markets
Lilis Out of NYSE Compliance Due to Equity Deficiency, Yearly Losses
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Lilis Energy, Inc. has fallen out of compliance with the New York Stock Exchange (NYSE).
The reason noted is that Lilis has reported a stockholders’ equity deficiency as of September 30, 2019 and net losses in its five most recent fiscal years ended December 31, 2018.
Lilis intends to submit a detailed plan of compliance advising the NYSE American of the actions the Company has taken, or plans to take, that would bring it into compliance with the NYSE American’s continued listing standards within 18 months of receipt of the Letter.
As previously announced, the Board of Directors of the Company has formed a Special Committee and engaged a financial advisor tasked with reviewing and evaluating strategic alternatives that may enhance the value of the Company, however there is no assurance that any alternative will materialize.
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