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Evergreen Energy Statement Regarding NYSE Arca Listing Standards

Stocks in this article: EEE

Evergreen Energy Inc. (NYSE Arca: EEE) was notified by NYSE Arca, Inc. (“NYSE Arca”) that it was not in compliance with the following NYSE Arca continued listing standards: (i) Rule 5.5(b) - failure to maintain a closing price at or above $3.00 over a 30 consecutive trading day period; (ii) Rule 5.5(b) – failure to maintain a minimum net worth of $4,000,000; and (iii) Rule 5.5(l)(3) - NYSE Arca has concluded that the Company’s financial condition is currently impaired to the degree requiring consideration of a suspension or delisting action.

The Company responded to the NYSE Arca on November 6, 2011 addressing the areas of noncompliance. On November 8, 2011, the Company received a further letter from NYSE Arca indicating that it planned to initiate delisting procedures for the reasons stated above by holding a meeting on November 29, 2011 to determine whether the Company should remain listed.

Evergreen is exploring alternatives to address these areas of non-compliance. Pending the exchange’s final determination, the company’s common stock will remain listed on the NYSE Arca exchange under the symbol “EEE,” but will be assigned a “.BC” indicator by the NYSE Arca to show that the company is currently out of compliance with the NYSE Arca’s continued listing standards.

As previously disclosed in the 8-K, in connection with her employment, Judy Tanselle was granted options to purchase 250,000 shares of common stock, the options were fully vested on the date of grant and expire on October 12, 2016. The options are as follows: (i) 100,000 options at an exercise price of $.095, the closing price of our common stock on October 12, 2011 (the “Grant Date Price”); (ii) 75,000 options at exercise price of 150% of Grant Date Price, or $1.43 per option; (iii) 37,500 options at an exercise price of 175% of Grant Date Price, or $1.66 per option; and (iv) 37,500 options at 225% of Grant Date Price, or $2.14 per option. The equity-based awards granted to Ms. Tanselle were granted pursuant to the employment inducement award exemption provided under the corporate governance listing standards of NYSE Arca.

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