New Era Energy & Digital Inc has received a Nasdaq notification of failure to maintain a market value of listed securities of at least $50 million, the company that recently rebranded from New Era Helium Inc said.
“[T]he company was therefore subject to delisting unless the company timely requests a hearing before the Nasdaq Hearings Panel”, Midland, Texas-based New Era said in a statement on its website, adding it intends to request a hearing.
“At the hearing, the company intends to present its plan to evidence compliance with the applicable continued listing criteria; however, there can be no assurance that the panel will grant the company’s request for continued listing or that the company will be able to achieve compliance within any extension that may be granted by the panel”, the statement said.
“The company is considering all options available to it to regain compliance with the applicable listing rules, including but not limited to (i) raising additional capital through its equity line or other sources in order to increase the shareholders equity of the company in excess of $2.5 million (plus an appropriate burn rate) and/or (ii) issuing additional shares of common stock through a PIPE or similar transaction in order to achieve at least $35 million of MVLS (the MVLS threshold for the Nasdaq Capital Markets tier).
“In that event, and assuming other listing requirements are met, the company would seek to move to the Nasdaq Capital Markets”.
New Era Energy & Digital recently rebranded from New Era Helium to reflect its shift into a vertically integrated energy supplier.
The rebranded New Era aims to develop “next-generation digital infrastructure and integrated power assets, including powered land and powered shells”, it said in a statement August 12. “The company delivers turnkey solutions that will enable hyperscale, enterprise and edge operators to accelerate data center deployment, optimize total cost of ownership and future-proof their infrastructure investments”.
The company “projects generational AI infrastructure demand will grow exponentially over the next decade, driven by rising capacity and significant increases in sector investment”, the statement said.
“In line with its strategic focus on power and compute infrastructure, the company is in discussions with various parties on how best to maximize its natural gas and helium assets”, it said. “The company remains committed to the global AI ecosystem, where helium continues to play a crucial role in semiconductor manufacturing and the future growth of AI”.
Chief executive E. Will Gray II commented, “We are the bridge between Silicon Valley and Houston, connecting the compute demands of tomorrow with the energy systems of today, for a shared digital future. With a growing base of vertically integrated assets, from powered land to powered shells, we bring deep infrastructure and energy expertise to help hyperscale, enterprise, and edge operators deploy future-ready HPC campuses faster”.
The company said it “continues to execute the strategy it introduced with its Texas Critical Data Centers (TCDC) project focused on integrating behind-the-meter power (off-grid) and real estate (Powered Land) and digital infrastructure tailored for the rapidly expanding AI compute market”.
Last week New Era and TCDC co-venturer Sharon AI Inc. said TCDC had signed a non-binding term sheet with Thunderhead Energy Solutions LLC for a natural gas-fired generation facility with a capacity of about 250 megawatts.
Thunderhead will fund, construct and operate the facility using a hybrid deployment of reciprocating engines and turbines. The facility will serve “as the energy backbone for TCDC’s high-performance, AI-optimized compute campus”, the co-venturers said.
The parties expect to start construction of the power facility this year, targeting completion over the next 18 months.
Planned to rise in Ector County, Texas, TCDC would be scalable to up to one gigawatt, according to New Era.
To contact the author, email jov.onsat@rigzone.com
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