US Energy receives Nasdaq bid-price deficiency notice; abandons Synergy Montana acquisition

US ENERGY CORP

On Sept 17, 2024, Nasdaq notified US Energy of non-compliance with $1.00 minimum bid price rule based on 30 consecutive trading days.
Company has until March 17, 2025 to regain compliance; additional 180-day cure period possible if initial listing criteria met.
Prior non-binding LOI to acquire 24,000 net acres in Toole County, MT from Synergy Offshore expired; deal no longer pursued.
Synergy is controlled by US Energy directors Duane H. King and John A. Weinzierl; transaction was with related parties.
Company will monitor bid price and may consider a reverse stock split or other options to cure deficiency.

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