News Column

LILIS ENERGY, INC. FILES (8-K) Disclosing Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing, Financial Statements and Exhibits

May 22, 2014



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

On May 19, 2014, Lilis Energy, Inc. (the "Company") received a letter from the Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that it was no longer in compliance with Nasdaq Rule 5250(c)(1) related to the filing of periodic financial reports with the Securities and Exchange Commission. The issuance of the letter is based upon the Company not filing its Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (the "Form 10-Q") on or before May 15, 2014, and not filing its Annual Report on Form 10-K for the year ended December 31, 2013 (the "Form 10-K") on or before the extended due date of April 15, 2014.

The issuance of the letter has no immediate effect on the listing of the Company's common stock. In order to maintain its listing, the Company must submit by June 16, 2014 a plan to regain compliance with respect to these delinquent reports, addressing its specific circumstances, including the likelihood that the periodic reports can be made within the exception period, the Company's past compliance history, the reasons for the late filing, corporate events that may occur within the exception period, the Company's general financial status, and its disclosures to the market. The Company intends to file the Form 10-K prior to June 16, 2014, and to file the Form 10-Q shortly thereafter, which it believes will bring it into compliance. However, if the Company is unable to make both filings before June 16, 2014, it intends to submit a plan of compliance on or before that date.

On May 21, 2014, the Company issued a press release disclosing the receipt of the Letter, a copy of which is attached as Exhibit 99.1 to this Form 8-K.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit No. Description 99.1 Press Release of Lilis Energy, Inc. dated May 21, 2014 2



--------------------------------------------------------------------------------


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Edgar Glimpses


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters