Rosehill Resources Inc. Receives Notice of Delisting for Warrants and Units and Evaluates Listing Options; Notice Does Not Impact Rosehill’s Common Stock
Source: Nasdaq GlobeNewswire / 13 Nov 2017 06:00:13 America/New_York
HOUSTON, Nov. 13, 2017 (GLOBE NEWSWIRE) -- Rosehill Resources Inc. (“Rosehill” or the “Company”) (NASDAQ:ROSE) announced today receipt of a delisting notice from the Nasdaq Stock Market (“NASDAQ”), which informed the Company that, absent an appeal, trading in the Company’s warrants (ROSEW) and units (ROSEU) will be suspended from Nasdaq at the opening of business on November 15, 2017. Rosehill will appeal the decision to a NASDAQ hearings panel, which will stay the suspension of the Company’s securities, pending the panel’s decision subsequent to the hearing.
The Company received notification on November 6, 2017, indicating that the Company has not demonstrated that it meets the minimum 400 round lot holder requirement for initial listing of its warrants, following the completion of the Company’s business combination on April 28, 2017. In addition, NASDAQ has determined to suspend and delist the Company’s units that are listed on NASDAQ on the basis that a component of the units, the warrants referenced within, do not satisfy NASDAQ’s round lot shareholder requirement. The Company intends to appeal the decision by submitting a timely request for a hearing and to present at the hearing the Company’s plan to demonstrate compliance with the round lot holder requirement with respect to its warrants and, if necessary, to request an extension of time within which to do so.
This does not impact the Company’s Class A common stock, which is in compliance with all applicable listing requirements and will continue to trade on NASDAQ regardless of the panel’s decision on the continued listing of the warrants and units following the hearing.
About Rosehill Resources Inc.
Rosehill Resources Inc. is an oil and gas exploration company with producing assets in Texas and New Mexico with its investment activity focused on the Delaware Basin portion of the Permian Basin. The Company’s strategy for growth includes the organic development of its core acreage position in Loving County, Texas as well as focused acquisitions in the Delaware Basin.
President and Chief Executive Officer
Chief Financial Officer