DENVER, May 29, 2012 /PRNewswire/ -- BIOFUEL ENERGY CORP. (NASDAQ: BIOF), an ethanol production company, today announced it has received a letter from the Nasdaq Listings Qualifications Panel advising it that the Company will be provided a further extension of time, until June 30, 2012, to regain compliance with the $1.00 bid price requirement for continued listing on the NASDAQ Stock Market. The Company also announced that it intends to implement a reverse split of outstanding shares of common stock and Class B common stock at a ratio of 1-for-20. The reverse split is expected to be effective on or before June 15, 2012.
This release contains certain forward-looking statements within the meaning of the Federal securities laws. Such statements are based on management's current expectations, estimates and projections, which are subject to a wide range of uncertainties and business risks. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which, our performance or results may be achieved. Factors that could cause actual results to differ from those anticipated are discussed in our Exchange Act filings and our Annual Report on Form 10-K.
BioFuel Energy currently has two 110 million gallons per year ethanol plants in the Midwestern corn belt. The Company's goal is to become a leading ethanol producer in the United States by acquiring, developing, owning and operating ethanol production facilities.
Contact: Kelly G. Maguire For more information: Executive Vice President & www.bfenergy.com Chief Financial Officer (303) 640-6500 firstname.lastname@example.org
SOURCE BioFuel Energy Corp.