OKLAHOMA CITY, Aug. 31, 2015 (GLOBE NEWSWIRE) -- PostRock Energy Corporation (NASDAQ:PSTR) today announced that on August 25, 2015 the Company received a notice from The NASDAQ Stock Market ("NASDAQ") that, for the last 30 consecutive business days, PostRock's market value of publicly held shares was below $5,000,000 and that PostRock therefore is not in compliance with the market value of publicly held shares pertaining to the requirement set forth in NASDAQ Listing Rule 5450(b)(1)(C). The NASDAQ Listing Rules define "publicly held shares" as total shares outstanding, less any shares held directly or indirectly by officers, directors or a beneficial owner of more than 10% of the total outstanding shares.
Furthermore, on August 28, 2015, PostRock received another notice from NASDAQ stating that the staff of the NASDAQ has determined that PostRock's securities will be delisted from NASDAQ. The letter states that the delisting notice was issued as a result of PostRock's announcement in its press release dated August 19, 2015 that it will not be seeking to file a compliance plan with respect to its failure to satisfy NASDAQ's Listing Rule 5450(b)(1)(a), in addition to PostRock's confirmation on August 27, 2015 that it did not intend to voluntarily withdraw its NASDAQ listing.
PostRock does not intend to request an appeal of this determination. As a result, trading of PostRock's common stock will be suspended at the opening of business on September 9, 2015 and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove PostRock's securities from listing and registration on The NASDAQ Global Market. After trading is suspended on the NASDAQ, PostRock's securities will be immediately eligible for trading on the OTC Bulletin Board (the "OTCBB") or the OTC Pink Marketplace (the "Pink Sheets"), but only if a market maker applies successfully to quote the securities. There can be no assurance that any market maker will decide to quote PostRock's securities following suspension of trading. As a result, there is no assurance that PostRock's securities will be eligible to trade on the OTCBB or the Pink Sheets.
About PostRock Energy Corporation
PostRock Energy Corporation is engaged in the development, production and gathering of crude oil and natural gas, primarily focused in the Cherokee Basin of southeast Kansas and northeast Oklahoma, and in central Oklahoma. The Company owns and operates over 3,000 wells and maintains nearly 2,200 miles of gas gathering lines primarily in the Cherokee Basin.
CONTACT: Casey E. Bigelow CAO, Secretary & Treasurer email@example.com (405) 702-7435
Source:PostRock Energy Corporation