Cano Petroleum Announces Receipt of Delisting Notice from NYSE Amex
09 December 2011 - 9:40AM
Business Wire
On December 8, 2011, Cano Petroleum, Inc. (NYSE Amex: CFW)
(“Cano”) announced that it received a letter from NYSE Amex LLC
(the “Exchange”) confirming its intent to strike the common stock
of Cano from the Exchange by filing a delisting application with
the Securities and Exchange Commission (the “SEC”) pursuant to
Section 1009(d) of the Exchange’s Company Guide (the “Company
Guide”).
As Cano previously reported, on October 26, 2011, the Exchange
Staff (the “Staff”) notified Cano that is was not in compliance
with the following sections of the Company Guide:
- Section 1003(a)(i) – stockholders’
equity of less than $2,000,000 and net losses in two of its three
most recent fiscal years;
- Section 1003(a)(ii) – stockholders’
equity of less than $4,000,000 and net losses in three of its four
most recent fiscal years;
- Section 1003(a)(iii) – stockholders’
equity of less than $6,000,000 and net losses in five consecutive
years; and
- Section 1003(a)(iv) – Cano 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
Cano will be able to continue operations and/or meet its
obligations as they mature.
Additionally, as Cano previously reported, on November 22, 2011,
the Staff determined that Cano’s securities had been selling for a
low price per share for a substantial period of time and, pursuant
to Section 1003(f)(v) of the Company Guide, Cano’s continued
listing was predicated on it effecting a reverse stock split of its
common stock within a reasonable period of time.
Pursuant to Section 1009 of the Company Guide, Cano was given
the opportunity to submit a plan of compliance (a “Plan”) by
November 28, 2011 advising the Exchange of actions it had taken, or
would take, to regain compliance with Section 1003(a)(iv) of the
Company Guide by January 26, 2012, Section 1003(f)(v) of the
Company Guide by May 22, 2012 and Section 1003(a)(i), Section
1003(a)(ii) and Section 1003(a)(iii) of the Company Guide by
October 26, 2012. Cano submitted its Plan on November 30, 2011. In
its December 2, 2011 letter, the Staff stated that upon a review of
the Plan, the Staff determined that the Plan did not sufficiently
address how Cano intended to regain compliance. Accordingly, the
Staff determined that it was appropriate to initiate delisting
proceedings (the “Staff Determination”). The Staff Determination
constitutes notice of a failure to satisfy certain continued
listing standards.
In accordance with Sections 1203 and 1009(d) of the Company
Guide, Cano has a limited right to appeal the Staff Determination
by requesting an oral hearing or a hearing based on a written
submission before a Listing Qualifications Panel. Cano’s written
request for a hearing must be received by the Exchange by December
9, 2011. Cano intends to appeal the Staff Determination. However,
there can be no assurance Cano’s request for continued listing will
be granted. Cano is also taking action to have its common stock
eligible to be quoted on the OTC Pink market. However, Cano can
provide no assurance that its common stock will be quoted on the
OTC Pink market or continue to trade in any other forum.
Forward Looking Statements
Safe-Harbor Statement — Except for the historical information
contained herein, the matters set forth in this news release are
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Cano intends that all
such statements be subject to the “safe-harbor” provisions of those
Acts. Many important risks, factors and conditions may cause Cano’s
actual results to differ materially from those discussed in any
such forward-looking statement. These risks include, but are not
limited to, estimates or forecasts of reserves, estimates or
forecasts of production, future commodity prices, exchange rates,
interest rates, geological and political risks, drilling risks,
product demand, transportation restrictions, the ability of Cano
Petroleum, Inc. to obtain additional capital, and other risks and
uncertainties described in the Cano’s filings with the Securities
and Exchange Commission. The historical results achieved by Cano
are not necessarily indicative of its future prospects. Cano
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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