Abacan Announces Extension to Meet Nasdaq Requirements and Date of Shareholders Meeting.HOUSTON, Texas--(BUSINESS WIRE)--March 10, 1999--Abacan Resource Corp (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABACF) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. .) Abacan Resource Corporation ("ABACF:NASDAQ;ABC:TSE") announced today that it has been granted an extension from March 22 to April 7, 1999 to comply with the $1.00 per share minimum bid price established by the Nasdaq National Market for continued listing on that market. Unless the minimum trading price Trading price The price at which a security is currently selling. is met (during a ten day period) beginning April 7, 1999, the Corporation's common stock will be delisted from the Nasdaq National Market. The Corporation has called an Annual and Special Meeting of Shareholders to be held on March 29, 1999 in Houston, Texas to obtain approval from its shareholders for a reverse stock split that the Corporation expects will enable it to satisfy Nasdaq's minimum trading price requirement. Proxy materials Proxy Materials Documents regulated by the Securities & Exchange Commission in which a public company outlines its methods and procedures. These documents are used to inform shareholders and solicit votes for corporate decisions, such as the election of directors and other were mailed to registered shareholders and delivered to intermediaries on March 5, 1999. The Corporation has also been advised by The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. that it does not currently meet the TSE's requirements for approval of a reverse stock split. Consequently, if the Corporation proceeds with a reverse stock split of its common stock to meet Nasdaq's minimum requirements, it is subject to de-listing from the TSE. The Corporation also announces that effective March 1, 1999, it has relocated its Houston office to 3050 Post Oak Blvd, Suite 699, Houston, Texas, 77056. Certain statements in this News Release constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. In particular, there is no assurance that a reverse stock split will be approved by shareholders or, if approved, that it will be implemented by the directors of the Corporation. If implemented, there is no assurance that a reverse stock split will enable the Corporation to meet the Nasdaq National Market minimum trading price or other continued listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. during the ten day period following the reverse stock split or during any period subsequent thereto. Consequently, there is no assurance that the Corporation's common stock will not be subject to future compliance review by Nasdaq or that the Corporation's common stock will not be delisted therefrom at a future date. Abacan Resource Corporation is an oil and gas exploration and development company |
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