On September 8 the NYSE MKT notified Houston-based Lucas Energy Inc. that it has regained its compliance listing standards.
Back in late February of 2014 the company was delisted as a result of its financial situation. According to CEO Anthony C. Schnur, the company is on track with business objectives, specifically in capitalizing the company by creating a platform that will encourage high-growth activities during the commodity cycles downturn.
A company’s brand reputation can be damaged by such issues and make it hard to orchestrate and secure future business.
Lucas has also asked the assigned escrow agent to return certain assets from Austin-based Victory Energy Corp. as part of the reinstatement. The two firms had previously reached a deal that fell through in May, and in June reached an agreement to cancel the merger.