Finance & Investing | Financial Trouble | Capital Markets
Alta Mesa on Shaky Financial Ground; Borrowing Base Cut, Nasdaq Noncompliance
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Alta Mesa Resources, Inc. has reported a cut to its borrowing base as well as received notification that it has fallen out of compliance with the Nasdaq Exchange.
Credit Facility Cut by $30MM
Alta Mesa had drawn substantially all of the remaining capacity under its senior secured revolving credit facility. The Credit Facility had a borrowing base of $370 million after the most recent borrowing base determination on April 1, 2019, which decreased the borrowing base by $30 million.
The cash held following the draw, approximately $86 million, is intended for general corporate purposes.
Alta Mesa has retained Perella Weinberg Partners and Tudor Pickering Holt & Co. as its financial advisor to assist with analyzing and considering financial alternatives.
Nasdaq Noncompliance Due to Late 10K Filing
Nasdaq has notified the Company on April 2, 2019 that it is not in compliance with NASDAQ Listing Rule 5250(c)(1) for continued listing due to the delay in filing its Annual Report on Form 10-K for 2018.
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