HOUSTON, Dec. 18, 2018 (GLOBE NEWSWIRE) -- On December 12, 2018, U.S. Well Services, Inc. (the “Company”) (NASDAQ: USWS) received a written notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company is not in compliance with Listing Rules 5505(a)(3) and 5515(a)(4), which require the Company to have at least 300 round lot holders of its class A common stock and at least 400 round lot holders of its warrants, respectively, for initial listing on The Nasdaq Capital Market.

Pursuant to Listing Rule IM-5101-2, the Company was required to meet all of the requirements for initial listing on The Nasdaq Capital Market following the previously announced business combination between Matlin & Partners Acquisition Corporation and U.S. Well Services, LLC on November 9, 2018.

The Notice states that, unless the Company requests an appeal, Nasdaq intends to suspend the Company’s class A common stock and warrants and remove them from listing and registration on Nasdaq. The Company has appealed Nasdaq’s determination and requested a hearing from a Nasdaq Hearings Panel to demonstrate compliance with the listing rules. This hearing request stays the suspension of the Company’s securities pending the determination of the panel. In the interim, the Company’s class A common stock and warrants will continue to trade on The Nasdaq Capital Market under the trading symbols “USWS” and “USWSW,” respectively.

“We have undertaken a program of actions to increase the number of round lot holders of our class A common stock and warrants so as to meet the applicable listing requirements, including engaging investment banks and advisors. We have been actively monitoring the available round lot holder information since the time of the business combination and, based on reports received today, believe we have over 300 round lot holders of our class A common stock. We are confident that we will regain full compliance with all applicable Nasdaq listing requirements in the near term,” stated Joel Broussard, Chief Executive Officer of the Company.

About U.S. Well Services

U.S. Well Services Inc. (USWS) is a leading provider of hydraulic fracturing services and a market leader in electric fracture stimulation. USWS’ patented electric frac technology provides one of the first fully electric, mobile well stimulation systems powered by locally supplied natural gas including field gas sourced directly from the wellhead. USWS’ electric frac technology dramatically decreases emissions and sound pollution while generating exceptional operational efficiencies including significant customer fuel cost savings versus conventional diesel fleets. For more information visit: www.uswellservices.com.