Enservco says NYSE American to commence delisting proceedings

In a regulatory filing, Enservco (ENSV) disclosed that on November 1, the company received correspondence from the NYSE/American LLC that a Listing Qualifications Panel of the Exchange, which had met with the company at a Panel hearing on October 23, upheld the Exchange’s staff determination from June 10 that the Exchange should commence delisting proceedings of the company’s common stock because the company failed to obtain the minimum of $6M in stockholders’ equity by June 9. Under the Exchange rules, the company has the right to appeal the Panel’s decision within 15 days. Also, on November 1, the company was notified that the Exchange has suspended trading of the company’s common stock on the NYSE American on such date because of the Panel’s decision. The company has applied to be quoted on the OTCQB and anticipates that the company’s common stock will begin to be quoted on the OTCQB within the next one to two weeks.