Edge Petroleum (EPEX) Receives Delisting Notice From Nasdaq
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Edge Petroleum Corporation (Nasdaq: EPEX) (Nasdaq: EPEXP) received notice from The Nasdaq Stock Market that the Company's common stock and 5.75% series A cumulative convertible perpetual preferred stock will be delisted from the Exchange at the opening of business on October 13, 2009 pursuant to the Exchange's Listing Rules 5100, 5110(b) and IM-5100-1, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company's securities from listing and registration on the Exchange.
According to the Notice, the determination to delist the Company's securities was based on (i) the announcement by the Company on October 2, 2009 that it and each of its subsidiaries have filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code and the associated public interest concerns raised by such bankruptcy petitions; (ii) concerns regarding the residual equity interest of the existing listed securities holders; and (iii) concerns about the Company's ability to sustain compliance with all requirements for continued listing on the Exchange.
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