Business
NESR Provides Update on SEC Filings and Nasdaq Listing
HOUSTON, TX / ACCESSWIRE / April 27, 2023 / National Energy Services Reunited Corp. ("NESR" or the "Company") an international, industry-leading provider of
About this update from National Energy Services Reunited Corp
[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / April 27, 2023 / National Energy Services Reunited Corp. (\"NESR\" or the \"Company\") an international, industry-leading provider of integrated energy services in the Middle East and North Africa (\"MENA\") region,today announced that the Company was not able to file its Annual Report on Form 20-F for its fiscal year ended December 31, 2021,with the Securities and Exchange Commission (\"SEC\") by the April 25, 2023, deadline set by the Nasdaq Hearings Panel. Accordingly, the Company received a letter (the \"Letter\") from The Nasdaq Stock Market LLC (\"Nasdaq\"), dated April 26, 2023, advising that trading in our ordinary shares and warrants will be suspended on Nasdaq at the open of the market on Friday, April 28, 2023. As a result, the Company expects that its securities (ordinary shares under the ticker \"NESR\" and warrants under the ticker \"NESRW\") shall move to and will be quoted on the OTC Market Group's Expert Market (additional information about the Expert Market is available at www.otcmarkets.com). The Company has been in communication with Nasdaq and intends to re-establish its listing on Nasdaq before the end of the current year 2023, after it is able to publish its current audited financial statements for the fiscal years ended December 31, 2020, December 31, 2021, and December 31, 2022.The Company's business performance, with the continued support of its customers, shareholders and lenders, remains strong and continues to improve with the very constructive oilfield services environment in the MENA region.The Company previously disclosed that it had discovered errors in its financial statements for the fiscal years ended December 31, 2018, December 31, 2019, and December 31, 2020, and that it intended to restate those financial statements. While the Company committed extraordinary resources, Company personnel, and external consultants over the past twelve months to complete the restatement for these prior years, the Company is now shifting its focus to publishing audited financial statements for the three most recent fiscal years ended December 31, 2020, December 31, 2021, and December 31, 2022.Stefan Angeli, Chief Financial Officer commented, \"Although we are disappointed that we were unable to meet the filing deadline, we remain strongly committed to completing our SEC filings and re...