Evolve Transition Announces NYSE American Removal of Trading Suspension
July 26 2023 - 11:50AM
Evolve Transition Infrastructure LP (“Evolve” or the “Partnership”)
today announced that on July 25, 2023, it received a letter from
NYSE American LLC (“NYSE American”) informing Evolve that it has
resolved the continued listing deficiency with respect to low
selling price as described in Section 1003(f)(v) of the NYSE
American Company Guide (the “Company Guide”). As a result, the
staff of NYSE Regulation has withdrawn its delisting determination
and will be lifting the trading suspension on the Partnership’s
common units representing limited partner interests in the
Partnership (“common units”) on the NYSE American. The common units
will commence trading on the NYSE American on Monday, July 31, 2023
under the symbol “SNMP.”
Notwithstanding the lifting of the trading
suspension, Evolve continues to remain subject to its previously
disclosed plan to regain compliance with the NYSE American’s
continued listing standards, which was accepted by the NYSE
American on February 21, 2023. As noted in its February 23, 2023
press release, Evolve has been granted a target completion date of
June 6, 2024 to implement its plan and regain compliance with the
NYSE American’s continued listing standards set forth in Sections
1003(a)(i) and 1003(a)(ii) of the Company Guide.
If the Partnership is not in compliance with the
continued listing standards by June 6, 2024, or if it does not make
progress consistent with the plan during the plan period, the NYSE
American may again initiate delisting proceedings as appropriate.
The Partnership intends to regain compliance with the NYSE
American’s continued listings standards by such date; however,
there is no assurance the Partnership will be able to accomplish
this.
FORWARD-LOOKING STATEMENTSThis
press release contains “forward-looking statements,” which involve
risks and uncertainties. All statements, other than statements of
present or historical fact, included in this press release are
forward-looking statements. Any statements that refer to Evolve’s
future strategy, future uses of capital, future operations, plans
and objectives of management or other characterizations of future
events or circumstances, including any underlying assumptions, are
forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as “may,” “expect,”
“plan,” “anticipate,” “believe,” “project” or the negative of such
terms or other similar expressions. These forward-looking
statements are based on management’s current beliefs, expectations
and assumptions regarding the future of Evolve’s business, future
plans and strategies, projections, anticipated events and trends,
the economy and other future conditions.
These forward-looking statements are subject to
known and unknown risks, uncertainties and assumptions about Evolve
that may cause Evolve’s actual results, levels of activity,
performance or achievements to be materially different from any
future results, levels of activity, performance or achievements
expressed or implied by such forward looking statements. Therefore,
you should not rely on any of these forward-looking statements.
Management cautions all readers that the forward-looking statements
contained in this press release are not guarantees of future
performance, and actual results may differ materially from those
anticipated or implied in forward-looking statements. For more
information concerning factors that could cause actual results to
differ from those expressed or forecasted, please read Evolve’s
filings with the SEC, with particular attention to the “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” sections in Evolve’s most
recent Annual Report on Form 10-K and Quarterly Report on Form
10-Q, all of which are available on Evolve’s website at
www.evolvetransition.com and on the SEC’s website at
www.sec.gov. These cautionary statements qualify all
forward-looking statements attributable to Evolve or persons acting
on Evolve’s behalf. Except as otherwise required by applicable law,
Evolve disclaims any duty to update any forward-looking statements,
all of which are expressly qualified by the statements in this
section, to reflect events or circumstances after the date of this
press release.
ABOUT THE PARTNERSHIPEvolve
Transition Infrastructure LP is a publicly-traded limited
partnership formed in 2005 focused on the acquisition, development
and ownership of infrastructure critical to the transition of
energy supply to lower carbon sources. Evolve owns natural gas
gathering systems, pipelines and processing facilities in South
Texas and continues to pursue energy transition infrastructure
opportunities.
ADDITIONAL
INFORMATIONAdditional information about Evolve can be
found in our documents on file with the SEC which are available on
our website at www.evolvetransition.com and on the SEC’s website at
www.sec.gov.
PARTNERSHIP CONTACTCharles C.
WardInterim Chief Executive Officer, Chief Financial Officer and
Secretaryir@evolvetransition.com(713) 800-9477
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