Blue Dolphin (BDCO) Completes 1-for-7 Reverse Split; Granted Listing Extension from Nasdaq
Blue Dolphin Energy Company (Nasdaq: BDCO) reported this afternoon that it has completed a 1-for-7 reverse stock split. The reverse stock split will take effect at the start of NASDAQ trading on Friday, July 16, 2010. Blue Dolphin's common stock will continue to trade on The NASDAQ Capital Market under the symbol "BDCO." A "D" will be appended to the trading symbol making it "BDCOD" for a period of 20 trading days to indicate the reverse stock split has occurred. Blue Dolphin's trading symbol will revert back to "BDCO" on August 13, 2010.
In May 2010, Blue Dolphin reported that a NASDAQ Hearings Panel (the "Panel") approved the Company's compliance plan for curing its minimum bid deficiency and granted the Company an extension for continued listing. Blue Dolphin fully believes that it will be able to demonstrate compliance with the minimum bid requirement on or before The Panel's deadline of August 1, 2010.
Blue Dolphin also announced today that the Panel approved the Company's compliance plan for curing its stockholders' equity deficiency and, as permitted under NASDAQ's Listing Rules, granted the Company an extension for continued listing. The Panel has given Blue Dolphin until August 31, 2010 to demonstrate compliance with the stockholders' equity requirement.
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