TULSA, Okla. – Oil and gas company Ram Energy Resources Inc. said Monday it received a notification letter from the Nasdaq Stock Market for failing to maintain listing requirements.
For the past 30 consecutive business days, the bid price of the company's stock has closed below the minimum $1 per share required for continued listing on the stock exchange.
RAM has been given 180 days to regain compliance with the minimum bid price rule of $1 per share for a period of at least 10 consecutive trading days.
Provided the company meets all other listing requirements, it will be given a second 180 day period to comply with the minimum bid requirement.
"RAM's share price, like that of approximately 200 other companies currently not in compliance with NASDAQ's minimum bid rule, has not fully recovered from the dramatic overall market volatility of the past year despite its substantial rise from the low price recorded earlier this year," said Larry Lee, president and CEO of Ram Energy.
Shares of Ram added 6 cents, or 5.2 percent, to close at $1.22.