U.S. Well Services Receives Nasdaq Listing Extension

Rhea-AI Summary

U.S. Well Services, Inc. (Nasdaq: USWS) has received an extension from the Nasdaq Hearings Panel to comply with the Minimum Bid Price Rule until June 7, 2021. The company must demonstrate a closing bid price of at least $1.00 per share for ten consecutive business days. As of February 16, 2021, USWS achieved this for seven consecutive days. Previously, Nasdaq staff had determined to delist USWS due to non-compliance, but the appeal for continued listing was accepted. CEO Joel Broussard expressed optimism about regaining compliance during the extension period.

Positive

• Received an extension from Nasdaq to comply with the Minimum Bid Price Rule.
• Achieved a closing bid price of $1.00 for seven consecutive trading days.
• CEO expressed confidence in regaining compliance during the extension period.

Negative

• Previously at risk of delisting due to non-compliance with Nasdaq listing requirements.
• Must achieve compliance by demonstrating a closing bid price of $1.00 for ten consecutive days by June 7, 2021.

HOUSTON, Feb. 17, 2021 /PRNewswire/ -- U.S. Well Services, Inc. (Nasdaq: USWS) today announced that a Nasdaq Hearings Panel (the "Panel") has granted its request for an extension of time to demonstrate compliance with Listing Rule 5550(a)(2) (the "Minimum Bid Price Rule").  As a condition of the Panel's decision, the Company is required to demonstrate compliance with the Minimum Bid Price Rule by evidencing a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days by June 7, 2021.  As of the close of business on February 16, 2021, the Company has demonstrated a closing bid price of at least $1.00 per share for seven consecutive trading days.

As previously announced, the Company received notice from Nasdaq on December 29, 2020, informing the Company that it had not regained compliance with the Minimum Bid Price Rule, that it was not eligible for an additional 180 calendar day extension period to regain compliance and that the Nasdaq's staff had determined to delist the Company's common stock from Nasdaq.  The Company appealed the staff's determination to the Panel, at which it requested continued listing on Nasdaq subject to an exception to the Minimum Bid Price Rule. 

"We are pleased to receive the extension from the Panel that will enable U.S. Well Services to continue to be listed on the Nasdaq during the extension," said Joel Broussard, the Company's Chief Executive Officer.  "I believe we will be able to regain compliance with the Minimum Bid Price Rule during this extension period, which will allow us to maintain our listing status for our shareholders."

About U.S. Well Services, Inc.

U.S. Well Services, Inc. is a leading provider of hydraulic fracturing services and a market leader in electric fracture stimulation. The Company's patented electric frac technology provides one of the first fully electric, mobile well stimulation systems powered by locally-supplied natural gas, including field gas sourced directly from the wellhead. The Company's electric frac technology dramatically decreases emissions and sound pollution while generating exceptional operational efficiencies, including significant customer fuel cost savings versus conventional diesel fleets. For more information visit: www.uswellservices.com. Information on our website is not part of this release.

Contacts:
U.S. Well Services
Josh Shapiro
Vice President, Finance and Investor Relations
IR@uswellservices.com 

Dennard Lascar Investor Relations
(713) 529-6600
USWS@dennardlascar.com

View original content:http://www.prnewswire.com/news-releases/us-well-services-receives-nasdaq-listing-extension-301229755.html

SOURCE U.S. Well Services, Inc.

FAQ

What extension has U.S. Well Services received from Nasdaq?

U.S. Well Services received a listing extension to demonstrate compliance with the Minimum Bid Price Rule until June 7, 2021.

What is the current bid price status of USWS?

As of February 16, 2021, USWS demonstrated a closing bid price of at least $1.00 for seven consecutive trading days.

What are the compliance requirements for USWS to remain listed on Nasdaq?

USWS must achieve a closing bid price of at least $1.00 per share for ten consecutive business days by June 7, 2021.

What did the Nasdaq Hearings Panel decide regarding USWS?

The Nasdaq Hearings Panel granted U.S. Well Services an extension to comply with the Minimum Bid Price Rule.

Why was USWS at risk of delisting?

USWS was at risk of delisting because it had not regained compliance with the Minimum Bid Price Rule.