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National Energy Services Reunited Corp. Announces Receipt of Additional Determination Letter from Nasdaq
HOUSTON, TX / ACCESSWIRE / January 9, 2023 / National Energy Services Reunited Corp. ("NESR" or "the Company") (NASDAQ:NESR)(NASDAQ:NESRW), an international,
About this update from National Energy Services Reunited Corp
[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / January 9, 2023 / National Energy Services Reunited Corp. (\"NESR\" or \"the Company\") (NASDAQ:NESR)(NASDAQ:NESRW), an international, industry-leading provider of integrated energy services in the Middle East and North Africa (\"MENA\") region, today announced the receipt of an additional determination letter (the \"Letter\"), dated January 4, 2023, from the Nasdaq Capital Market (\"Nasdaq\"). The Letter states that the Company is not in compliance with the Nasdaq's continued listing requirements as the Company has not yet filed its Interim Financials for the period ended June 30, 2022 (the \"2022 Interim Financials\"), as required by Nasdaq Listing Rule 5250(c)(2), and furthermore, did not hold an annual meeting of shareholders within twelve months of the end of the Company's fiscal year ended December 31, 2021, as required by Nasdaq Listing Rule 5620(a).The Letter specifies that the Company should present its views with respect to these additional compliance deficiencies in writing to the Nasdaq Hearings Panel (the \"Panel\") no later than January 11, 2023. The Panel, who on December 15, 2022, granted the Company's request for continued listing on the Nasdaq Capital Market provided that the Company regains compliance with Listing Rule 5250(c)(1) by filing its Annual Report on Form 20-F for the fiscal year ended December 31, 2021 (the \"2021 20-F\") with the SEC on or before April 25, 2023, will consider both additional compliance deficiencies in their decision regarding the Company's continued listing on The Nasdaq Capital Market.As disclosed previously in press releases on March 14, 2022, June 17, 2022, and November 17, 2022, the Company's annual financial statements for the years ended December 31, 2020, 2019, and 2018, as well the interim financial information for the first 3 calendar quarters of 2021, respectively, need to be restated and consequently cannot be relied upon. The Company is working diligently to file both its 2021 20-F and 2022 Interim Financials with the SEC and to regain compliance with the Nasdaq Listing Rules as soon as possible. Once the 2021 20-F and 2022 Interim Financials are filed with the SEC and available to the Company's shareholders, the Company anticipates holding its next annual meeting of shareholders.About NESRFounded in 2017, NESR is one of the largest national o...