PrimeEnergy Resources Corporation Announces Receipt of Determination Letter from Nasdaq

Rhea-AI Summary

PrimeEnergy Resources Corporation (Nasdaq: PNRG) announced compliance with Nasdaq listing rules after submitting its Form 10-K for the fiscal year ended December 31, 2020, on April 23, 2021. This followed a determination letter from Nasdaq on April 19, 2021, indicating a previous non-compliance due to the late filing. The company now has 60 days to submit a compliance plan, which has been addressed with the timely filing.

Positive

• The company is now in compliance with Nasdaq listing rules after submitting the Form 10-K on April 23, 2021.

Negative

• The initial failure to file the Form 10-K timely raised compliance concerns with Nasdaq.

PrimeEnergy Resources Corporation (Nasdaq: PNRG), announces that on April 19, 2021, PrimeEnergy Resources Corporation (the "Company") received a determination letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq") indicating that the Company was not in compliance with Nasdaq Listing Rule Listing Rule 5810(b), as a result of the Company’s failure to timely file its Form 10-K for the fiscal year ended December 31, 2020. Under Nasdaq’s Rules the Company has 60 calendar days to submit a plan to regain compliance to Nasdaq. The Company has submitted its Form 10-K for the fiscal year ended December 31, 2020 to the Securities and Exchange Commission on April 23, 2021, therefore, the Company is now in compliance with the NASDAQ listing rules.

Forward-Looking Statements

This Report contains forward-looking statements that are based on management's current expectations, estimates and projections. Words such as "expects," "anticipates," "intends," "plans," "believes", "projects" and "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, and are subject to the safe harbors created thereby. These statements are not guarantees of future performance and involve risks and uncertainties and are based on a number of assumptions that could ultimately prove inaccurate and, therefore, there can be no assurance that they will prove to be accurate. Actual results and outcomes may vary materially from what is expressed or forecast in such statements due to various risks and uncertainties. These risks and uncertainties include, among other things, the possibility of drilling cost overruns and technical difficulties, volatility of oil and gas prices, competition, risks inherent in the Company's oil and gas operations, the inexact nature of interpretation of seismic and other geological and geophysical data, imprecision of reserve estimates, and the Company's ability to replace and expand oil and gas reserves. Accordingly, stockholders and potential investors are cautioned that certain events or circumstances could cause actual results to differ materially from those projected.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210423005599/en/

FAQ

What was the reason for PrimeEnergy Resources Corporation's Nasdaq non-compliance?

PrimeEnergy Resources Corporation was non-compliant due to the failure to timely file its Form 10-K for the fiscal year ended December 31, 2020.

When did PrimeEnergy Resources Corporation submit its Form 10-K to regain compliance?

The Form 10-K was submitted on April 23, 2021.

What is the stock symbol for PrimeEnergy Resources Corporation?

The stock symbol for PrimeEnergy Resources Corporation is PNRG.

What are forward-looking statements in the context of PrimeEnergy's press release?

Forward-looking statements are based on management's expectations and projections, which may involve risks and uncertainties that could affect actual results.

What actions did PrimeEnergy Resources Corporation take following the Nasdaq determination letter?

Following the Nasdaq determination letter, the company submitted its Form 10-K to regain compliance.