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SLNG to Begin Trading on OTC and Cease Trading on Nasdaq on 10/3/19; Stabilis Energy Seeks Listing on Other Stock Exchange; Investor Call Scheduled on 10/2/19 at 10:00 am Eastern Time
HOUSTON, TX / ACCESSWIRE / October 2, 2019 / Stabilis Energy, Inc.'s (NASDAQ:SLNG) ("Stabilis") common shares will begin trading on the OTC market under the
About this update from Stabilis Solutions, Inc.
[{"type":"text","content":"HOUSTON, TX / ACCESSWIRE / October 2, 2019 / Stabilis Energy, Inc.'s (NASDAQ:SLNG) (\"Stabilis\") common shares will begin trading on the OTC market under the symbol SLNG as of October 3, 2019. This move follows The Nasdaq Stock Market LLC's (\"Nasdaq\") decision to suspend trading of SLNG on that same date due to failure to meet certain initial listing requirements. Quotes can be found at www.otcmarkets.com.Stabilis believes that it currently meets the applicable listing requirements on other stock exchanges and has already initiated the process for listing its common shares on another exchange. Stabilis believes that it could be approved to be listed on another exchange as early as October 2019. However, such approval is not automatic and cannot be assured.\"The Stabilis growth strategy remains as strong as ever. We currently are executing on projects that will bring new small-scale LNG production and distribution assets to the North American market, including significant opportunities in Mexico,\" commented Jim Reddinger, President and Chief Executive Officer of Stabilis. \"Stabilis is a high-quality public company that currently meets the listing standards for multiple stock exchanges. We are confident that SLNG will soon be listed on an exchange that supports the Company's trading and liquidity needs.\"Nasdaq notified Stabilis on October 1, 2019, that it will suspend Stabilis' shares from trading on that exchange as of October 3, 2019, due to failure to meet certain initial listing requirements relating to its recently completed business combination with American Electric Technologies, Inc. (\"AETI\"). Stabilis appealed Nasdaq's decision based on the fact that the Company currently meets all of Nasdaq's initial and continuing listing requirements that were in effect when its transaction with AETI was completed on July 26, 2019. The Company has also taken steps to comply with new Nasdaq listing requirements that were enacted after the AETI transaction was completed, including filing a resale registration statement on Form S-1 with the Securities and Exchange Commission. Despite these actions to bring the Company into full compliance, the Nasdaq Hearings Panel chose to proceed with the trading suspension. Nasdaq will complete the delisting process after applicable appeal periods have lapsed.A call to discuss the listing chang...