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Yuma Energy Out of NYSE Compliance; Mulling Reverse Stock Split
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Yuma Energy, Inc. has received notice from the NYSE that it is out of compliance due to the company's common stock has been selling for a low price per share for a substantial period of time.
Accordingly, the Letter states that the Company must demonstrate an improved share price improvement or effect a reverse stock split of its common stock by no later than July 4, 2019, in order to maintain the listing of the Company’s common stock on the NYSE American.
As previously reported, the Company has retained Seaport Global Securities LLC, an investment banking firm, to advise the Company on its strategic and tactical alternatives, including possible mergers, acquisitions and divestitures.
The Company will continue to consider opportunities that are in the best interests of the Company and its stockholders, with respect to specific measures regarding the continued listing of the Company’s common stock on the NYSE American, including the potential to seek approval of the Company’s stockholders to permit its Board to effect a reverse stock split of the Company’s common stock.
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