National Energy Services receives delisting determination letter from Nasdaq

National Energy Services received a delisting determination letter on November 1 from the staff of the Listing Qualifications Department of Nasdaq. The determination letter notified the company that since it had not filed its annual report on Form 20-F for the fiscal year ended December 31, 2021 by October 31, the deadline by which the company was to file the 2021 20-F in order to regain compliance with Listing Rule 5250, the company’s ordinary shares and warrants are subject to delisting from Nasdaq Capital Market. The staff’s delisting determination will not immediately result in the suspension of trading or delisting of the company’s securities, and the Nasdaq Listing Rules provide a procedure for the Company to appeal the determination and seek a stay pending the appeal as described below. The company intends to timely request a hearing before the Nasdaq Hearings Panel under Listing Rule 5815 to present its plan to regain compliance with Listing Rule 5250, which request will automatically stay the delisting of the company’s securities for 15 calendar days from the date of the request. In connection with its request for a hearing, the company also intends to request a further stay of the suspension of trading and delisting of the company’s ordinary shares and warrants while the appeals process is pending. The panel will notify the company of its decision to hold a hearing and, after such hearing, if it will allow the company’s ordinary shares to continue to trade on The Nasdaq Capital Market.