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Item 3.01 Notice of Delisting or Failure to Satisfy a Continuing Listing Rule or
Standard; Transfer of Listing
On September 27, 2010, we received a deficiency letter from the staff of the Nasdaq Stock Market, confirming that the company is not in compliance with the $1.00 minimum bid price requirement for our common stock under Nasdaq Listing Rule 5459(a)(1). The deficiency letter and the grace periods for regaining compliance with the minimum bid price standard are described in a press release included as an exhibit to this report and incorporated herein by reference. The bid price deficiency has no effect on the listing or trading of our common stock on the Nasdaq Global Select Market at this time.
In anticipation of the bid price deficiency, we obtained waivers from holders of our amortizing convertible notes that will allow us to continue paying monthly amortization installments on the notes in NGAS common shares through November 2010. Additional waivers will be required for subsequent installment payments in our common stock if the bid price deficiency remains uncured. Item 9.01. Financial Statements and Exhibits
(d) Exhibits. An Exhibit Index is attached to this report and incorporated herein by reference.
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