Cano Petroleum Announces Receipt of Stock Exchange Compliance Notice
November 30 2011 - 7:00AM
Business Wire
On November 30, 2011, Cano Petroleum, Inc. (NYSE Amex: CFW)
(“Cano”) announced that it received a letter from NYSE Amex LLC
(the “Exchange”) indicating that the timely filing of Cano’s Form
10-Q for the period ended September 30, 2011 is a condition for
Cano’s continued listing on the Exchange, as required by Sections
134 and 1101 of the Exchange’s Company Guide (the “Company Guide”).
Further, Cano’s failure to timely file this report is a material
violation of Cano’s listing agreement with the Exchange and
therefore, pursuant to Section 1003(d) of the Company Guide, the
Exchange is authorized to suspend and remove Cano’s securities from
the Exchange unless action is taken to bring the Company into
compliance with Sections 134 and 1101 of the Company Guide by no
later than February 20, 2012.
Further, the Staff of NYSE Regulation’s corporate compliance
department (the “Staff”) advised Cano that its common stock may not
be suitable for auction market trading due to its low trading
price. The Staff further advised Cano that, pursuant to Section
1003(f)(v) of the Company Guide, Cano’s continued listing on the
Exchange is predicated on its effectuation of a reverse split
within a reasonable period of time, which the Staff has determined
to be no later than May 22, 2012. As a result of the foregoing,
Cano has become subject to Section 1009 of the Company Guide, which
promulgates the procedures to be followed with respect to companies
identified as being below the Exchange's continued listing policies
and standards.
The Exchange previously cited Cano for equity and financial
impairment deficiencies on October 26, 2011 and requested that a
detailed plan to regain compliance be submitted by November 28,
2011. The Staff has requested that Cano’s plan address the new
deficiencies identified in the November 22, 2011 letter from the
Exchange. The Corporate Compliance Department management of the
Exchange will evaluate Cano’s plan and determine whether it
reasonably demonstrates Cano’s ability to regain compliance with
the continued listing standards by the relevant deadlines. If the
Exchange accepts the Company’s plan, the Company may be able to
continue its listing during the plan periods, provided that the
Company demonstrates progress consistent with its plan and complies
with other applicable Exchange listing qualifications. If the
Company fails to submit a satisfactory plan or fails to demonstrate
progress consistent with the plan accepted by the Exchange, the
Exchange may initiate delisting procedures. During the plan period,
the Company will be subject to periodic review to determine whether
the Company is making progress consistent with the plan.
Forward Looking Statements
Safe-Harbor Statement — Except for the historical information
contained herein, the matters set forth in this news release are
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Cano intends that all
such statements be subject to the “safe-harbor” provisions of those
Acts. Many important risks, factors and conditions may cause Cano’s
actual results to differ materially from those discussed in any
such forward-looking statement. These risks include, but are not
limited to, estimates or forecasts of reserves, estimates or
forecasts of production, future commodity prices, exchange rates,
interest rates, geological and political risks, drilling risks,
product demand, transportation restrictions, the ability of Cano
Petroleum, Inc. to obtain additional capital, and other risks and
uncertainties described in the Cano’s filings with the Securities
and Exchange Commission. The historical results achieved by Cano
are not necessarily indicative of its future prospects. Cano
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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