Enservco Corporation Provides Update Concerning Non-Compliance with NYSE American Listing Standards

Core Viewpoint - Enservco Corporation is facing delisting from the NYSE American due to failure to meet the minimum stockholders' equity requirement of $6 million by June 9, 2024, as part of a compliance plan [1] Group 1: Delisting Proceedings - NYSE Regulation has initiated proceedings to delist Enservco's common stock, determining the company is no longer suitable for listing [1] - The company has the right to appeal this determination to the Listings Qualifications Panel [2] - Enservco plans to request a hearing and submit a cure for its equity deficit during the appeal process [3] Group 2: Updated Plan for Compliance - The company has developed an Updated Plan to address its equity deficit, which includes several components aimed at satisfying the stockholders' equity requirement [4] - Enservco has entered into a term sheet for a $10 million equity line of credit and expects to finalize agreements shortly [5] - The company is also converting existing convertible notes into equity and exploring financing for the acquisition of Buckshot Trucking LLC [5] Group 3: Business Operations and Future Outlook - The notification from NYSE does not impact the company's business operations or reporting requirements with the SEC [6] - Enservco's stock will continue to be traded on the NYSE American during the appeal review period [11] - The company is working on executing its Updated Plan to achieve the required stockholders' equity, but there is no guarantee of success [11]