RGS Energy to begin trading on OTCQX Best Market
RGS Energy announced that it will move trading of the company's Class A common stock to the OTCQX from The Nasdaq Capital Market effective February 15, 2019. As previously disclosed in the company's news releases and filings with the Securities and Exchange Commission, the company was not in compliance with Nasdaq's $1.00 per share minimum bid price requirement for maintaining its listing on The Nasdaq Capital Market. RGS submitted a plan, allowing time for the commercialization of POWERHOUSE, with Nasdaq including a request for an extension of time to remain listed on The Nasdaq Capital Market for an additional 180 days. Nasdaq advised RGS Energy on February 6, 2019, that an extension would only be considered if the company would commit to effect a reverse stock split, if necessary, to meet the $1.00 minimum bid price requirement. The company believes that, under the circumstances, a reverse stock split is not in the best interest of it shareholders and will move trading of the company's Class A common stock to the OTCQX, the highest market tier operated by OTC Markets Group.