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 the compliance deadline of June 9, 2024 [1][10]. Group 1: Delisting Proceedings - NYSE Regulation has initiated proceedings to delist Enservco's common stock as it did not achieve the required stockholders' equity [1]. - The company plans to appeal the delisting decision and will submit a cure for its equity deficit during the appeal process [2][10]. - The appeal review period may take several months, during which the company's stock will continue to trade on the NYSE American [10]. Group 2: Financial Actions - Enservco has entered into a terms sheet for a $10 million equity line of credit and expects to finalize agreements shortly [3]. - The company has converted $1.2 million of a convertible note and an additional $1 million from other convertible notes into equity [3]. - Enservco is actively exploring other components of its Updated Plan to address its equity deficit, including financing for the acquisition of Buckshot Trucking LLC [3][9]. Group 3: Business Operations - Enservco provides a range of oilfield services, including hot oiling and frac water heating, across major domestic oil and gas basins [5]. - The acquisition of Buckshot Trucking LLC is expected to close in Q3 2024, which will enhance Enservco's logistics capabilities and improve cash flow visibility [5].