Lilis Energy Inc. (Nasdaq:LLEX), an oil and gas exploration and production company focused on development in the Wattenberg Field and surrounding areas of the Denver-Julesburg Basin, received a letter on May 19 from the Nasdaq Stock Market LLC notifying Lilis Energy that it was no longer in compliance with Nasdaq Rule 5250(c)(1) related to the filing of periodic financial reports with the Securities and Exchange Commission.
The issuance of the letter is based upon Lilis Energy not filing its quarterly report on Form 10-Q for the quarter ended March 31, on or before May 15, and not filing its annual report on Form 10-K for the year ended December 31, 2013, on or before the extended due date of April 15.
The issuance of the letter has no immediate effect on the listing of Lilis Energy's common stock. In order to maintain its listing, Lilis Energy must submit by June 16 a plan to regain compliance with respect to these delinquent reports, addressing its specific circumstances, including the likelihood that the periodic reports can be made within the exception period, the company's past compliance history, the reasons for the late filing, corporate events that may occur within the exception period, the company's general financial status, and its disclosures to the market.
Lilis Energy intends to file the Form 10-K prior to June 16, and to file the Form 10-Q shortly thereafter, which it believes will bring it into compliance. However, if Lilis Energy is unable to make both filings before June 16, it intends to submit a plan of compliance on or before that date.