Cubic Energy (QBC) Plan of Compliance Accepted by NYSE Amex
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Cubic Energy, Inc. (AMEX: QBC) reports that, by letter dated March 2, 2012, the NYSE Amex LLC notified Cubic that the Exchange has accepted the Company's plan to regain compliance with certain of the Exchange's continued listing criteria, and granted the Company an extension through June 27, 2013 to do so.
The March 2, 2012, letter also provided Cubic with notice that the Company is not in compliance with Section 1003(a)(iv) of the Company Guide in that the Exchange believes that the Company has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the Company will be able to continue operations and/or meet its obligations as they mature. The Exchange indicated that the Company is not required to submit an additional plan of compliance in response to the additional deficiency because the compliance plan already accepted by the Exchange effectively addresses how the Company intends to regain compliance with Section 1003(a)(iv). The Company was granted an extension to regain compliance with Section 1003(a)(iv) until July 31, 2012.
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The March 2, 2012, letter also provided Cubic with notice that the Company is not in compliance with Section 1003(a)(iv) of the Company Guide in that the Exchange believes that the Company has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the Company will be able to continue operations and/or meet its obligations as they mature. The Exchange indicated that the Company is not required to submit an additional plan of compliance in response to the additional deficiency because the compliance plan already accepted by the Exchange effectively addresses how the Company intends to regain compliance with Section 1003(a)(iv). The Company was granted an extension to regain compliance with Section 1003(a)(iv) until July 31, 2012.
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