Tri-Valley Corporation (NYSE Amex: TIV) today announced that it has received notification from NYSE Amex, LLC, dated April 26, 2012, that the Company is not in compliance with certain continued listing requirements set forth in the NYSE Amex Company Guide, as follows:
- Section 1003(a)(iii) requires a company to maintain a minimum of $6.0 million in stockholders’ equity, if the company has sustained losses from continuing operations and/or net losses in its five most recent fiscal years. As of December 31, 2011, Tri-Valley Corporation’s stockholders’ equity was approximately $4.4 million and it has sustained losses from continuing operations and/or net losses in its five most recent fiscal years.
- Section 1003(a)(iv) states that insofar as the Company has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable in the opinion of NYSE Amex, as to whether the Company will be able to continue operations and/or meet its obligations as they mature.
- Section 1003(f)(v) states that insofar as the Company’s average daily closing price over the last six months ended March 31, 2012, was $0.17.