Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On August 27, 2019, Abraxas Petroleum Corporation (the "Company") was notified
in writing by NASDAQ Stock Market LLC ("NASDAQ") that the average closing price
of the Company's common stock, $0.01 par value per share (the "Common Stock"),
over a prior 30 consecutive trading day period was below $1.00 per share, which
is the minimum average bid price per share required to maintain listing on the
NASDAQ under Section 5550(a)(2) of the NASDAQ listing rules. The Company was
provided 180 calendar days, or until February 24, 2020, to regain compliance.
On February 25, 2020, the Company was notified that it was eligible for an
additional 180 calendar day period, or until August 24, 2020, to regain
compliance. If at any time during this additional time period the average
closing price of Abraxas common stock is at least $1.00 per share for a minimum
of 10 consecutive business days, a written confirmation of compliance will be
provided, and the matter will be closed.
Item 7.01 Regulation FD Disclosure
On February 25, 2020, the Company issued a press release with respect to the
receipt of the notice of extension of time to regain compliance from NASDAQ. A
copy of the press release is attached as Exhibit 99.1 hereto and incorporated
herein by reference.
The information in this Report (including Exhibit 99.1) is furnished pursuant to
Item 7.01 and shall not be deemed "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of the Section. The information in this Report will not be deemed an
admission as to the materiality of any information required to be disclosed
solely to satisfy the requirements of Regulation FD.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press release, dated February 25, 2020, issued by Abraxas
Petroleum Corporation
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ABRAXAS PETROLEUM CORPORATION
By: /s/ Steven P. Harris
Steven P. Harris
Vice President, Chief Financial Officer
Dated: February 25, 2020
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