New Concept Energy, Inc. (NYSE American: GBR) announced that the Company received notice, by letter dated March 6, 2020, from NYSE Regulation, of acceptance of a plan to regain compliance and granting a plan period extension through December 17, 2020, subject to compliance with initiatives outlined in the plan. The Company had previously received guidance that it was not in compliance with Section 1003(a)(ii) of the NYSE American Company Guide since the Company reported stockholders’ equity of $2.4 million as of September 30, 2019 and losses from continuing operations in three of its four most recent fiscal years ended December 31, 2018.
This public announcement is disclosing that the Company is not in compliance with NYSE American’s continued listing standards and that the Company’s listing has been continued pursuant to an extension, with a targeted completion date of December 17, 2020. The Company must provide quarterly updates to plan progress to NYSE Regulation staff concurrent with its interim and annual Sec filings.
The Company is in the process of moving forward with the initiatives contained in the plan.
About New Concept Energy, Inc.
New Concept Energy, Inc. is a Dallas-based oil and gas company which owns oil and gas wells and mineral leases in Ohio and in West Virginia. For more information, visit the Company’s website at www.newconceptenergy.com.
New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407