Sanchez Midstream Partners Receives Notice from NYSE American Regarding Continued Listing Standard
April 07 2020 - 5:30PM
Sanchez Midstream Partners LP (NYSE American: SNMP) (“SNMP” or the
“Partnership”) today announced that on April 3, 2020, the
Partnership received a deficiency letter from NYSE American LLC
(“NYSE American”) stating that the Partnership was below compliance
with the NYSE American continued listing standard Section
1003(a)(i) of the NYSE American Company Guide, which requires SNMP
to report partners’ capital of $2.0 million or more if it has also
reported losses from continuing operations and/or net losses in two
of its three most recent fiscal years.
The receipt of the deficiency letter has no
immediate impact on the listing of the Partnership’s common units,
which will continue to trade on NYSE American subject to the
Partnership’s compliance with other continued listing standards of
NYSE American. In accordance with applicable NYSE American
procedures, the Partnership must submit a plan by May 3, 2020
advising of actions it has taken or will take to regain compliance
with the continued listing standard by Oct. 3, 2021. The
Partnership is currently evaluating its available options and
intends to develop a plan to be submitted no later than May 3,
2020.
ABOUT THE PARTNERSHIPSanchez
Midstream Partners LP (NYSE American: SNMP) is a growth-oriented
publicly-traded limited partnership focused on the acquisition,
development, ownership and operation of midstream and other
energy-related assets in North America. The Partnership has
ownership stakes in oil and natural gas gathering systems, natural
gas pipelines and natural gas processing facilities, all located in
the Western Eagle Ford in South Texas.
ADDITIONAL
INFORMATIONAdditional information about SNMP can be found
in our documents on file with the SEC which are available on our
website at www.sanchezmidstream.com and on the SEC’s website at
www.sec.gov.
FORWARD-LOOKING STATEMENTSThis
press release contains, and our officers and representatives may
from time to time make, “forward–looking statements” within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to a number of risks and uncertainties and
other factors that are difficult to predict, many of which are
beyond management's control. These risks and uncertainties
include, but are not limited to: the resolution of the pending
Chapter 11 bankruptcy of Sanchez Energy Corporation and certain of
its subsidiaries and its impact on the Partnership’s business,
results of operations and financial condition; the Partnership’s
ability to prepare a plan to return to compliance with NYSE
American continued listing standards; the acceptance of such plan
by NYSE American; and the Partnership’s ability to comply with such
plan and return to compliance with NYSE American continued listing
standards prior to Oct. 3, 2021. An extensive list of factors that
can affect future results are discussed in SNMP’s most recent
Annual Report on Form 10-K and any updates to those risk factors
set forth in the Partnership’s Quarterly Reports on Form 10-Q or
Current Reports on Form 8-K. The Partnership’s filings with the SEC
are available on its website at www.sanchezmidstream.com and on the
SEC’s website at www.sec.gov. The forward-looking statements speak
only as of the date made, and other than as required by law, the
Partnership undertakes no obligation to publicly update or revise
any forward-looking statements as a result of new information,
future events or otherwise.
PARTNERSHIP CONTACTCharles C.
WardChief Financial Officerir@sanchezmidstream.com(877)
847-0009
General Inquiries: (713)
783-8000www.sanchezenergycorp.com
Evolve Transition Infras... (AMEX:SNMP)
Historical Stock Chart
From May 2024 to Jun 2024
Evolve Transition Infras... (AMEX:SNMP)
Historical Stock Chart
From Jun 2023 to Jun 2024