Escalera Resources Co. voluntarily delisted from NASDAQ stock market because it was not in compliance with the minimum stockholders' equity and closing bid requirements for continued listing, the company said Oct. 7.
On Aug. 20, the company was notified that it was no longer in compliance in those areas. Escalera decided not to submit a plan to regain compliance and delisted.
A Form 25 will be filed on Oct. 19 with the Securities and Exchange Commission, and official delisting will become effective about 10 days later. Common stock will then begin trading on the OTC exchange.
Escalera Resources Co., formerly Double Eagle Petroleum, is based in Houston.
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