Cubic Energy (QBC) Receives Letter of Non-Compliance from NYSE
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Cubic Energy, Inc. (NYSE: QBC) announces today that it received a letter on December 27, 2011 from NYSE Amex, LLC stating that based on the information contained in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, the Company is not in compliance with Section 1003(a)(iii) of the Exchange's Company Guide because the Company has stockholders' equity of less than $6,000,000 and losses from continuing operations and/or net losses in five consecutive fiscal years and Section 1003(a)(ii) of the Exchange's Company Guide because the Company has stockholders equity of less than $4,000,000 and losses from continuing operations and/or net losses in three out of its four most recent fiscal years.
The Company intends to submit a plan to the Exchange by January 27, 2012 detailing how it intends to regain compliance with Section 1003(a)(ii) and (iii) of the Exchange's Company Guide within a maximum of 18 months. If the Company does not submit a plan, the plan is not accepted, the Company does not make progress consistent with an accepted plan, or the Company is not in compliance with the continued listing standards by the end of the compliance period, the Company is subject to delisting proceedings. The Company would be entitled to appeal a determination by the Exchange to initiate delisting proceedings.
The Company intends to submit a plan to the Exchange by January 27, 2012 detailing how it intends to regain compliance with Section 1003(a)(ii) and (iii) of the Exchange's Company Guide within a maximum of 18 months. If the Company does not submit a plan, the plan is not accepted, the Company does not make progress consistent with an accepted plan, or the Company is not in compliance with the continued listing standards by the end of the compliance period, the Company is subject to delisting proceedings. The Company would be entitled to appeal a determination by the Exchange to initiate delisting proceedings.
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