Natural gas and liquefied natural gas (LNG) infrastructure operator New Fortress Energy Inc. has been notified by the Listing Qualifications Department of the Nasdaq Stock Market that it failed to comply with Nasdaq Listing Rule 5250(c)(1).
New Fortress Energy said in a media release that the company is in breach of the rule as it has not yet filed its Form 10-Q for the period ended March 31, 2025, with the U.S. Securities and Exchange Commission (SEC). The rule mandates that listed companies promptly submit all necessary periodic financial reports to the SEC.
The company said it is actively working to complete and submit its Form 10-Q at the earliest. It anticipates that its Form 10-Q will align with the financial statements for the quarter ending March 31, 2025, which were made public on May 14, 2025.
The notice gave the company 60 calendar days from the date of issuance to submit a compliance plan. The company said it anticipates submitting the 10-Q well ahead of the plan’s due date to Nasdaq. If Nasdaq approves the company’s compliance plan, it may allow an extension of up to 180 calendar days from the original due date of Form 10-Q, with a final filing deadline of November 11, 2025, to regain compliance.
New Fortress Energy said the notice has no immediate effect on the listing or trading of its securities on Nasdaq. If the company does not promptly achieve compliance with Nasdaq’s listing regulations, its Class A common stock may face delisting from Nasdaq.
New Fortress Energy has already delayed its first-quarter earnings release and conference call twice. The company said in an earlier media release that it pushed the date back to allow for the closing of the Jamaica transaction and announce an update on the use of proceeds.
Two days after pushing back the earnings release, New Fortress Energy closed the sale of its assets and operations in Jamaica to Excelerate Energy Inc. for $1.06 billion. The company said it plans to use the proceeds to reduce its corporate debt and for general corporate purposes.
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