HUNTINGTON, W.Va., May 24, 2023
/PRNewswire/ -- Energy Services of America (the "Company" or
"Energy Services") (NASDAQ: ESOA), announced today that on May
18, 2023, it received a delinquency notification letter
from the Nasdaq Stock Market LLC ("Nasdaq") indicating that the
Company is not in compliance with the continued listing
requirements under Nasdaq Listing Rule 5250(c)(1) because the
Company did not timely file its Quarterly Report on Form 10-Q for
the period ended March 31, 2023 (the "Form 10-Q"). The notification
letter has no immediate effect on the listing or trading of the
Company's common stock on the Nasdaq Capital Market.
The Company filed a Notification of Late Filing on Form 12b-25
on May 15, 2023, indicating that the
filing of the Form 10-Q would be delayed due to the need to restate
the Company's previously issued audited consolidated financial
statements for the fiscal years ended September 30, 2022 and 2021 and certain related
interim periods.
Nasdaq has informed the Company that the Company must submit a
plan of compliance (the "Plan") within 60 calendar days, or no
later than July 17, 2023, addressing
how it intends to regain compliance with Nasdaq's listing rules
and, if Nasdaq accepts the Plan, it may grant an extension of up to
180 calendar days from the Form 10-Q original filing due date, or
until November 13, 2023, to regain
compliance.
The Company's management is working diligently to complete the
Form 10-Q and intends to file the Form 10-Q as soon as
practicable.
About Energy Services
Energy Services of America Corporation (NASDAQ: ESOA),
headquartered in Huntington, WV,
is a contractor and service company that operates primarily in the
mid-Atlantic and Central regions of the
United States and provides services to customers in the
natural gas, petroleum, water distribution, automotive, chemical,
and power industries. Energy Services employs 1,000+ employees on a
regular basis. The Company's core values are safety, quality, and
production.
Certain statements contained in the release including, without
limitation, the words "believes," "anticipates," "intends,"
"expects" or words of similar import, constitute "forward-looking
statements" within the meaning of section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance, or achievements of the Company to be materially
different from any future results, performance or achievements of
the Company expressed or implied by such forward-looking
statements. Such factors include, among others, general economic
and business conditions, changes in business strategy or
development plans, the effect of the COVID-19 pandemic, the
integration of acquired business and other factors referenced in
this release. Given these uncertainties, prospective investors are
cautioned not to place undue reliance on such forward-looking
statements. The Company disclaims any obligation to update any such
factors or to publicly announce the results of any revisions to any
of the forward-looking statements contained herein to reflect
future events or developments.
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SOURCE Energy Services of America