U.S. Well Services Regains Compliance with Nasdaq Market Value of Listed Securities Rule

Rhea-AI Summary

U.S. Well Services, Inc. (Nasdaq: USWS) announced it has regained compliance with Nasdaq Listing Rule 5550(b)(2), a requirement related to market value of listed securities. Previously, the company was notified of non-compliance on August 14, 2020, but has now resolved this issue. However, it remains non-compliant with the Minimum Bid Price Requirement under Rule 5550(a)(2) and plans to present a compliance plan at an upcoming Nasdaq Hearings Panel. U.S. Well Services specializes in hydraulic fracturing and has developed a patented electric frac technology that offers efficiency and reduced emissions.

Positive

• Regained compliance with Nasdaq Listing Rule 5550(b)(2).
• Leading provider of electric fracture stimulation technology, enhancing operational efficiencies.

Negative

• Still non-compliant with Nasdaq's Minimum Bid Price Requirement.
• Deadline for compliance with the Minimum Bid Price Requirement was missed.

HOUSTON, Jan. 25, 2021 /PRNewswire/ -- U.S. Well Services, Inc. (Nasdaq: USWS) today announced it has received written notice from the Listing Qualifications Staff of the Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it has regained compliance with Nasdaq Listing Rule 5550(b)(2) (the "MVLS Requirement").

The Company was previously notified by Nasdaq on August 14, 2020 that it was not in compliance with the MVLS Requirement, and that it had until February 10, 2021 to regain compliance.

As previously disclosed, the Company was also notified by Nasdaq on December 29, 2020 that it had not regained compliance with the $1.00 minimum bid price requirement for continued listing on Nasdaq set forth in Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement") by its December 28, 2020 deadline.  The Company plans to present its plan to regain compliance with the Minimum Bid Price Requirement at its upcoming hearing before a Nasdaq Hearings Panel.

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

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SOURCE U.S. Well Services, Inc.

FAQ

What recent compliance update did U.S. Well Services announce?

U.S. Well Services announced it has regained compliance with Nasdaq Listing Rule 5550(b)(2) regarding market value of listed securities.

Is U.S. Well Services compliant with Nasdaq's minimum bid price requirement?

No, U.S. Well Services has not regained compliance with Nasdaq's minimum bid price requirement and plans to present a compliance plan at an upcoming hearing.

What is U.S. Well Services' market symbol?

U.S. Well Services is traded on Nasdaq under the symbol USWS.

When did U.S. Well Services receive notice of non-compliance from Nasdaq?

U.S. Well Services received notice of non-compliance on August 14, 2020, and again on December 29, 2020, regarding the minimum bid price.

What technology does U.S. Well Services specialize in?

U.S. Well Services specializes in electric frac technology that reduces emissions and operational costs compared to conventional methods.