SAExploration (SAEX) Receives Nasdaq Listing Letter
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SAExploration Holdings, Inc. (Nasdaq: SAEX) announced that it has received formal notification from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) that the company has regained compliance with the Market Value of Publicly Held Shares (“MVPHS”) requirement and the Minimum Bid Price (“MBP”) requirement, for continued listing on Nasdaq. SAE’s common stock will continue to be listed on The Nasdaq Global Market and trade under the ticker symbol “SAEX.”
On February 3, 2016, Nasdaq staff notified the company that its common stock had failed to maintain a minimum MVPHS of $15 million over the previous 30 consecutive trading days as required by Listing Rule 5450(b)(2)(C). In addition, on April 19, 2016, Nasdaq staff notified the company that its common stock had failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive trading days as required by Listing Rule 5450(a)(1). Since then, Nasdaq staff has determined that for the last 10 consecutive trading days, from August 2, 2016 to August 15, 2016, the company’s MVPHS has been $15 million or greater and the closing bid price of the company’s common stock has been $1.00 per share or greater. Accordingly, the company has regained compliance with Listing Rules 5450(b)(2)(C) and 5450(a)(1), and these matters are now closed.
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