Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
On
Under the NYSE's rules, the Company has a period of six months following the
receipt of the notice to regain compliance with the minimum share price
requirement. However, due to unprecedented market-wide declines as a result of
the spread of COVID-19, on
The Company intends to consider all available options to cure the deficiency and regain compliance.
The notice has no immediate impact on the listing of the Common Stock, which will continue to be listed and traded on the NYSE during this period, subject to the Company's compliance with the other listing requirements of the NYSE. The Common Stock will continue to trade under the symbol "QES", but will have an added designation of ".BC" to indicate that the Company currently is not in compliance with the NYSE's continued listing requirements. If the Company is unable to regain compliance, the NYSE will initiate procedures to suspend and delist the Common Stock.
The notice does not affect the Company's ongoing business operations or its
reporting requirements with the
If the Common Stock ultimately were to be delisted for any reason, it could negatively impact the Company by (i) reducing the liquidity and market price of the Company's Common Stock; (ii) reducing the number of investors willing to hold or acquire the Common Stock, which could negatively impact the Company's ability to raise equity financing; (iii) limiting the Company's ability to use a registration statement to offer and sell freely tradable securities, thereby preventing the Company from accessing the public capital markets; and (iv) impairing the Company's ability to provide equity incentives to its employees.
Item 7.01 Regulation FD Disclosure.
On
The information in this Item 7.01 (including the exhibit) shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. Exhibit No. Description 99.1* Press Release, datedMay 1, 2020 , title "QES Energy Services Inc. Receives Notice from NYSE Regarding Continued Listing Requirements." * Furnished herewith. 2
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