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National Energy Services Reunited Corp. Announces Receipt of Notice from Nasdaq Regarding Late Filing of Annual Report on Form 20-F
HOUSTON, TX / ACCESSWIRE / November 7, 2022 / 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 / November 7, 2022 / 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, received a delisting determination letter (the \"Determination Letter\") on November 1, 2022 from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC (\"Nasdaq\"). The Determination Letter notified the Company that since it had not filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2021 (the \"2021 20-F\") by October 31, 2022, the deadline by which the Company was to file the 2021 20-F in order to regain compliance with Listing Rule 5250(c)(1), the Company's ordinary shares and warrants are subject to delisting from The Nasdaq Capital Market. The Staff's delisting determination will not immediately result in the suspension of trading or delisting of the Company's securities, and the Nasdaq Listing Rules provide a procedure for the Company to appeal the determination and seek a stay pending the appeal as described below.The Company intends to timely request a hearing before the Nasdaq Hearings Panel (the \"Panel\") under Listing Rule 5815(a) to present its plan to regain compliance with Listing Rule 5250(c)(1), which request will automatically stay the delisting of the Company's securities for 15 calendar days from the date of the request. In connection with its request for a hearing, the Company also intends to request a further stay of the suspension of trading and delisting of the Company's ordinary shares and warrants while the appeals process is pending. The Panel will notify the Company of its decision to hold a hearing and, after such hearing, if it will allow the Company's ordinary shares to continue to trade on The Nasdaq Capital Market.As disclosed previously in press releases on March 14, 2022, and June 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 assiduously to file its delinquent filing with the SEC and to regain compliance with the Nasdaq listing rule as...