Synthesis energy systems, inc. announces nasdaq notice of additional delinquency

Synthesis energy systems, inc. announced that, as expected, the company received an additional delinquency notification letter from the listing qualifications staff (the staff) of the nasdaq stock market llc due to the company continued non-compliance with nasdaq listing rule 5250(c)(1), (the rule) as a result of the company failure to timely file its quarterly report on form 10-q for the quarter ended september 30, 2019. as previously disclosed, the company earlier received notice from the staff regarding its non-compliance with the rule following the company delay in the filing of its annual report on form 10-k for the fiscal year ended june 30, 2019 and its non-compliance with the minimum stockholders equity requirement under nasdaq listing rule 5550(b)(1). the company has requested a hearing before the nasdaq hearings panel. the hearing request automatically stayed any suspension/delisting action through december 5, 2019. in connection with the hearing request, as permitted under the nasdaq listing rules, the company requested that the panel extend the stay through the hearing and the expiration of any extension period granted by the panel following the hearing. however, there can be no assurance that the panel will grant the extended stay or that the panel will grant the company an extension to enable it to complete the planned merger transaction and, thereby, demonstrate compliance with all applicable requirements for listing on the nasdaq capital market. the company management continues to work diligently to complete the form 10-k, as well as the form 10-q, and to file the form s-4 in connection with the merger transaction with australian future energy pty ltd, and intends to file the documents with the sec as soon as practicable.
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