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.