NYSE American Approves SNMP’s Plan to Regain Compliance
June 29 2020 - 6:00PM
Sanchez Midstream Partners LP (NYSE American: SNMP) (“SNMP” or the
“Partnership”) today announced that on June 25, 2020, the NYSE
American LLC (the “Exchange”) notified the Partnership that it has
accepted the Partnership’s plan to regain compliance with the
Exchange’s continued listing standards.
As previously disclosed, on April 3, 2020, the
Partnership received a letter from the Exchange stating that the
Partnership was below compliance with Section 1003(a)(i) of the
Exchange’s continued listing standards, specifically because the
Partnership reported partners’ capital of less than $2,000,000 as
of December 31, 2019 and had net losses in two of its three most
recent fiscal years.
The Partnership submitted a compliance plan to
the Exchange on May 4, 2020 advising the Exchange how the
Partnership plans to regain compliance with the Exchange’s
continued listing standards by October 3, 2021. The Exchange has
reviewed and accepted the plan and the Partnership has been granted
a targeted completion date of October 3, 2021 to implement its plan
and regain compliance.
If the Partnership is not in compliance with the
continued listing standards by October 3, 2021, or if it does not
make progress consistent with the plan during the plan period, the
Exchange may initiate delisting proceedings as appropriate. The
Partnership intends to regain compliance with the Exchange’s
continued listings standards by such date; however, there is no
assurance the Partnership will be able to accomplish this.
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 STATEMENTS This
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; and the
Partnership’s ability to comply with the plan and return to
compliance with the Exchange’s 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.sanchezmidstream.com
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