10:53 AM EDT, 06/10/2024 (MT Newswires) -- Enservco ( ENSV ) said Monday that the New York Stock Exchange has decided to start proceedings to delist its shares from the exchange after the company failed to maintain a minimum of $6 million of shareholders' equity.

The firm said it plans to file an appeal and to submit a cure of its equity deficit to meet the stockholders' equity requirement.

Among the actions, Enservco ( ENSV ) said it has signed a terms sheet for a $10 million equity line of credit and is also exploring strategic initiatives to rationalize its assets. It added that Rich Murphy and Cross River Partners has converted its $1.2 million November 2022 convertible note and also $1.0 million of its September and October 2023 convertible notes into equity.

The shares were down about 25% in recent trading.

Price: 0.18, Change: -0.06, Percent Change: -25.63