Syntroleum Corp. gets Nasdaq extension on its market listing
BY Staff Reports
Tuesday, December 11, 2012
12/11/12 at 6:18 AM
Tulsa-based biofuels producer Syntroleum Corp. has until June 3 to meet Nasdaq Capital Market listing requirements or be delisted, according to a filing with federal regulators.
Syntroleum said in a filing Monday with the Securities and Exchange Commission that the company is eligible for 180 additional days to regain compliance with the market's $1 minimum listing requirement.
"The determination was based on the company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the capital market with the exception of the bid price requirement," Syntroleum stated in the filing.
Syntroleum said it intends to regain full compliance in the 180-day period and listed a reverse stock split as an option. Such a move already has been approved by shareholders, company officials said recently.
Syntroleum's share price last reached $1 on May 1, but the most recent closing at or above that value was April 25.
The company's shares closed Monday at 44 cents. They reached a 52-week low of 42 cents on Dec. 5.
Syntroleum reported a $1 million net loss for the three months ending Sept. 30.
The bottom line was affected by a $5.7 million loss over nine months ending June 30 for the Dynamic Fuels production plant in Geismar, La.
Dynamic Fuels LLC, a joint venture with Springdale, Ark.-based Tyson Foods Inc. to produce renewable diesel from animal fats and greases, has ramped up production but also has been slowed by equipment issues.
Dynamic Fuels has sold 63 million gallons of renewable diesel, jet fuel and other products since starting operations in November 2010. So far this year the plant produced about 26.5 million gallons, or about 47 percent of design capacity, according to a recent earnings release.
Syntroleum has reported one quarterly profit - $6.9 million for the three months ending June 30 - since 2010. It has logged annual net losses in three of the five previous years.
Original Print Headline: Syntroleum gets Nasdaq extension