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PROSPECT GLOBAL RESOURCES INC. FILES (8-K) Disclosing Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing, Other Events

February 20, 2014



Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On April 25, 2013, we received written notification from The Nasdaq Stock Market that we are no longer in compliance with Nasdaq Listing Rule 5550(b)(2) because the market value of our listed securities has fallen below the $35 million minimum requirement for continued listing on the Nasdaq Capital Market for a period of at least 30 consecutive business days. Under Nasdaq Listing Rule 5810(c)(3)(C), we had 180 calendar days to regain compliance. Compliance can be achieved by meeting the $35 million minimum requirement for market value of listed securities for a minimum of 10 consecutive business days during the 180-day compliance period.

On October 23, 2013 we received written notification from The Nasdaq Stock Market that we have not regained compliance during that period and that our common stock would be delisted at the open of business on November 1, 2013. We appealed the delisting determination pursuant to a Nasdaq Hearing Panel. The Panel extended the time for us to regain compliance with the market value of listed securities rule to February 28, 2014. This week the Panel, upon our request, extended that date to March 31, 2014.

Item 8.01 Other Events.



We intend to offer up to $25 million of common stock in a public underwritten offering. The offering will be conducted pursuant to a new registration statement to be filed with the Securities and Exchange Commission. The offering is expected to close in March.

This Current Report on Form 8-K does not constitute an offer of any securities for sale.


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Source: Edgar Glimpses


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