Glori Energy (NASDAQ:GLRI), an energy technology and oil production company, said it has submitted a notice to the Nasdaq that it will withdraw its common stock from listing. The company received a deficiency letter from Nasdaq Aug. 18 indicating that stockholder equity as of June 30 did not meet the minimum $2.5 million requirement for listing. Glori had also been out of compliance with the minimum $1.00 bid price requirement. The company said it plans to take the actions necessary to be traded on one of the OTC trading systems. CEO Kevin Guilbeau said the company is in discussions with investors for a modest capital raise at the Glori corporate level and is also evaluating project financing options for its Phoenix project.
About 1.38M shares traded hands or 280.60% up from the average. Glori Energy Inc (NASDAQ:GLRI) has declined 32.00% since February 8, 2016 and is downtrending. It has underperformed by 48.49% the S&P500.
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