(Alliance News) - TransGlobe Energy Corp on Thursday said its application to transfer its shares to the Nasdaq Capital Market from the Nasdaq Stock Market has been approved and will begin trading Thursday.
The Egypt and Canada-focused oil exploration and production firm's stock price has continued to trade below the minimum bid price necessary to maintain its listing on the Nasdaq Global Select Market, and now the Nasdaq Capital Market.
TransGlobe said it received notification from Nasdaq on Tuesday that it will be eligible for an additional 180-day compliance period, or until June 28, 2021, to regain compliance with the minimum USD1.00 bid price per share requirement of Nasdaq's listing rules. If it does not regain compliance by the end of the period, it will be de-listed.
Nasdaq said its decision to approve the transfer was based on TransGlobe "meeting the continued listing requirements of the Nasdaq Capital Market with the exception of the minimum bid requirement, and the company having provided written intent to cure the deficiency during the additional compliance period by effecting a reverse stock split, if necessary".
Shares in TransGlobe closed down 5.4% at USD0.87 in New York on Wednesday. The stock was untraded in London on Thursday, last closing at 75.0 pence a share.
By Zoe Wickens; zoewickens@alliancenews.com
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