Goal & TSX: “TGL” & NASDAQ: “TGA”
CALGARY, Alberta, Dec. 30, 2020 (Globe NEWSWIRE) — TransGlobe Electricity Company (“TransGlobe” or the “Company”) was notified on December 29, 2020 by the Listing Skills Section of The Nasdaq Inventory Current market (“Nasdaq”) that the Company’s software to transfer its common shares from The Nasdaq World Pick Current market to The Nasdaq Cash Marketplace, as authorized under Listing Rule 5810(c)(3)(A), had been authorised. The Company’s frequent shares will commence trading on The Nasdaq Capital Market successful at the begin of investing on December 31, 2020. The Company’s shares will continue to trade on Nasdaq under the image “TGA”.
The Company’s stock rate has ongoing to trade down below the minimal bid value needed to preserve its listing on the Nasdaq Global Pick out Current market (and from December 31, 2020, the Nasdaq Cash Market). TransGlobe received notification from Nasdaq on December 29, 2020 that, in connection with the acceptance of Company’s software to transfer the listing of its widespread shares to The Nasdaq Capital Market, Nasdaq has determined that the Enterprise will be eligible for an further 180-working day compliance period of time, or right until June 28, 2021, to regain compliance with the bare minimum $1.00 bid selling price per share requirement of Nasdaq’s Listing Rule 5550(a)(2) (the “Rule”). Nasdaq’s decision to approve the Company’s software to transfer to The Nasdaq Capital Market was primarily based on the Enterprise meeting the continued listing needs of The Nasdaq Funds Market with the exception of the bare minimum bid requirement, and the Enterprise acquiring supplied prepared intent to heal the deficiency throughout the supplemental compliance period of time by effecting a reverse stock break up, if essential. Pursuant to the Nasdaq Listing Procedures, if at any time just before June 28, 2021 the closing bid price tag of the Company’s common shares is $1.00 for each share or much more for a minimum amount of 10 consecutive small business days, the Organization will regain compliance with the Rule and the matter will be shut.
Really should the Company not satisfy the least bid necessity all through the extra 180-working day compliance period of time or usually comply with the conditions of the extension, Nasdaq will deliver published notification that the Company’s widespread shares will be delisted. The Firm may well attraction the delisting determination to a Nasdaq Hearings Panel (“Panel”). The Business would continue to be stated pending the Panel’s final decision. There can be no assurance that, if the Firm does appeal a subsequent delisting willpower by the Team to the Panel, that these types of attraction would be productive.
TransGlobe Strength Corporation is a hard cash stream centered oil and gas exploration and enhancement organization whose present activities are concentrated in the Arab Republic of Egypt and Canada. TransGlobe’s popular shares trade on the Toronto Inventory Trade and the Aim industry of the London Stock Exchange under the symbol TGL and on the Nasdaq beneath the image TGA.
Advisory on Forward-Looking Details and Statements
Selected statements involved in this information launch constitute forward-looking statements or forward-wanting facts less than relevant securities laws. Such forward-seeking statements or info are delivered for the function of providing information and facts about management’s present-day expectations and options relating to the potential. Visitors are cautioned that reliance on these information may perhaps not be correct for other applications. Ahead-hunting statements or information and facts ordinarily incorporate statements with words and phrases such as “foresee”, “believe”, “hope”, “program”, “intend”, “estimate”, “could”, “will”, “would” or comparable text suggesting long term outcomes or statements relating to an outlook. In unique, ahead-looking details and statements contained in this doc contain, but are not restricted to compliance with the minimum amount bid specifications of Nasdaq or other listing standards.
For further info, remember to get in touch with:
|TransGlobe Power Company
Randy Neely, President and CEO
Eddie Alright, CFO
|+1 403 264 9888
|Tailwind Associates (Trader Relations)
|+1 403 618 8035
|FTI Consulting (Money PR)
|+44() 20 3727 1000
|Canaccord Genuity (Nomad & Joint-Broker)
|+44() 20 7523 8000|
|Shore Capital (Joint Broker)
|+44() 20 7408 4090|