Lucas Energy Granted NYSE MKT Compliance Plan Extension
Lucas Energy, Inc. (NYSE MKT: LEI) ("Lucas" or the "Company"), an independent oil and gas company with its operations in Texas, today announced that the NYSE MKT (the "Exchange") notified the Company that it has been granted an extension until October 31, 2014 to regain compliance with the NYSE MKT continued listing standards.
The Company had previously presented its plan (the "Plan") of compliance on March 28, 2014 in a letter to the Exchange, in response to a notice that the Company was below certain of the NYSE MKT continued listing standards, as set forth in Section 1003(a)(iii) of the NYSE MKT Company Guide, and therefore not in compliance with the continued listing standards, due to its financial condition. By virtue of the conditions described in the March letter, the company was granted until July 31, 2014 to regain compliance under its Plan.
Based on information provided by the Company through July 31, 2014, the Exchange has determined that in accordance with Section 1009 of the Company Guide, Lucas Energy has made a reasonable demonstration of its ability to regain compliance with Section 1003(a)(iv) by the end of the revised period, which has been extended to October 31, 2014.
The Exchange accepted the Company's Plan of compliance dated March 28, 2014, granted the Company until July 31, 2014 to regain compliance under its Plan of compliance with Section 1003(a)(iv) and has extended the date the Company is required to regain compliance by to October 31, 2014. Therefore, at this time, the Exchange is prepared to continue the listing of the Company subject to certain conditions. The Company will be subject to periodic review by Exchange Staff during the extension period, and is required to provide the Exchange updates in connection with the Plan, no later than after each completed quarter. Failure to make progress consistent with the Plan or to regain compliance with the continued listing standards by the end of the extension period, October 31, 2014, could result in the Company being delisted from the NYSE MKT.
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