TransGlobe Energy Corporation TGL Announces Listing Transfer Nasdaq Capital Mrkt (2043K)
31 Dezembro 2020 - 4:00AM
UK Regulatory
TIDMTGL
RNS Number : 2043K
TransGlobe Energy Corporation
31 December 2020
TRANSGLOBE ENERGY CORPORATION ANNOUNCES ITS US LISTING TRANSFER
TO NASDAQ CAPITAL MARKET AND ELIGIBILITY FOR AN ADDITIONAL 180-DAY
GRACE PERIOD TO REGAIN COMPLIANCE WITH THE MINIMUM BID PRICE
REQUIREMENT
AIM & TSX: "TGL" & NASDAQ: "TGA"
Calgary, Alberta, December 30, 2020 - TransGlobe Energy
Corporation ("TransGlobe" or the "Company") was notified on
December 29, 2020 by the Listing Qualifications Department of The
Nasdaq Stock Market ("Nasdaq") that the Company's application to
transfer its common shares from The Nasdaq Global Select Market to
The Nasdaq Capital Market, as allowed under Listing Rule
5810(c)(3)(A), had been approved. The Company's common shares will
begin trading on The Nasdaq Capital Market effective at the start
of trading on December 31, 2020. The Company's shares will continue
to trade on Nasdaq under the symbol "TGA".
The Company's stock price has continued to trade below the
minimum bid price necessary to maintain its listing on the Nasdaq
Global Select Market (and from December 31, 2020, the Nasdaq
Capital Market). TransGlobe received notification from Nasdaq on
December 29, 2020 that, in connection with the approval of
Company's application to transfer the listing of its common shares
to The Nasdaq Capital Market, Nasdaq has determined that the
Company will be eligible for an additional 180-day compliance
period, or until June 28, 2021, to regain compliance with the
minimum $1.00 bid price per share requirement of Nasdaq's Listing
Rule 5550(a)(2) (the "Rule"). Nasdaq's decision to approve the
Company's application to transfer to The Nasdaq Capital Market was
based on the Company meeting the continued listing requirements of
The Nasdaq Capital Market with the exception of the minimum bid
requirement, and the Company having provided written intent to cure
the deficiency during the additional compliance period by effecting
a reverse stock split, if necessary. Pursuant to the Nasdaq Listing
Rules, if at any time before June 28, 2021 the closing bid price of
the Company's common shares is $1.00 per share or more for a
minimum of 10 consecutive business days, the Company will regain
compliance with the Rule and the matter will be closed.
Should the Company not meet the minimum bid requirement during
the additional 180-day compliance period or otherwise comply with
the terms of the extension, Nasdaq will provide written
notification that the Company's common shares will be delisted. The
Company may appeal the delisting determination to a Nasdaq Hearings
Panel ("Panel"). The Company would remain listed pending the
Panel's decision. There can be no assurance that, if the Company
does appeal a subsequent delisting determination by the Staff to
the Panel, that such appeal would be successful.
About TransGlobe
TransGlobe Energy Corporation is a cash flow focused oil and gas
exploration and development company whose current activities are
concentrated in the Arab Republic of Egypt and Canada. TransGlobe's
common shares trade on the Toronto Stock Exchange and the AIM
market of the London Stock Exchange under the symbol TGL and on the
Nasdaq under the symbol TGA.
Advisory on Forward-Looking Information and Statements
Certain statements included in this news release constitute
forward-looking statements or forward-looking information under
applicable securities legislation. Such forward-looking statements
or information are provided for the purpose of providing
information about management's current expectations and plans
relating to the future. Readers are cautioned that reliance on such
information may not be appropriate for other purposes.
Forward-looking statements or information typically contain
statements with words such as "anticipate", "believe", "expect",
"plan", "intend", "estimate", "may", "will", "would" or similar
words suggesting future outcomes or statements regarding an
outlook. In particular, forward-looking information and statements
contained in this document include, but are not limited to ;
compliance with the minimum bid requirements of Nasdaq or other
listing criteria.
For further information, please contact:
TransGlobe Energy Corporation +1 403 264 9888
Randy Neely, President and CEO investor.relations@trans-globe.com
Eddie Ok, CFO http://www.trans-globe.com
or via Tailwind Associates
or
FTI Consulting
Tailwind Associates (Investor Relations) +1 403 618 8035
Darren Engels darren@tailwindassociates.ca
http://www.tailwindassociates.ca
FTI Consulting (Financial PR) +44(0) 20 3727 1000
Ben Brewerton transglobeenergy@fticonsulting.com
Genevieve Ryan
Canaccord Genuity (Nomad & Joint-Broker)
Henry Fitzgerald-O'Connor
James Asensio +44(0) 20 7523 8000
Shore Capital (Joint Broker)
Jerry Keen
Toby Gibbs +44(0) 20 7408 4090
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END
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December 31, 2020 02:00 ET (07:00 GMT)
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