LINN Energy and LinnCo Receive NASDAQ Delisting Notification
May 23 2016 - 5:03PM
LINN Energy, LLC (NASDAQ:LINE) (“LINN”) and LinnCo, LLC
(NASDAQ:LNCO) (“LinnCo” and together with LINN the “Companies”)
today announced that NASDAQ determined that LINN and LinnCo
securities will be delisted from The NASDAQ Stock Market. Trading
of LINN and LinnCo securities will be suspended prior to the open
of the market on Tuesday, May 24, 2016, and NASDAQ will file a Form
25-NSE with the Securities and Exchange Commission, which will
remove the Companies’ securities from listing and registration on
The NASDAQ Stock Market. LINN and LinnCo securities are expected to
begin trading on the OTC Pink Sheets marketplace on Tuesday, May
24, 2016, under the symbols LINEQ and LNCOQ.
The Companies do not intend to file a plan to
regain compliance or to appeal NASDAQ's determination.
The Companies can provide no assurance that its
common stock will continue to trade on the OTC Pink Sheets, whether
broker-dealers will continue to agree to provide public quotes of
the Companies’ common stock on this market, whether the trading
volume of the Companies’ common stock will be sufficient to provide
for an efficient trading market or whether quotes for the
Companies’ common stock will continue on this market in the
future.
ABOUT LINN ENERGYLINN Energy’s mission is to
acquire, develop and maximize cash flow from a portfolio of
long-life oil and natural gas assets. More information about LINN
Energy is available at www.linnenergy.com.
ABOUT LINNCOLinnCo was created
to enhance LINN Energy's ability to raise additional equity capital
to execute on its acquisition and growth strategy. LinnCo is a
Delaware limited liability company that has elected to be taxed as
a corporation for United States federal income tax purposes, and
accordingly its shareholders will receive a Form 1099 in respect of
any dividends paid by LinnCo. More information about LinnCo is
available at www.linnco.com.
SAFE HARBOR FOR FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking
statements. These statements, including those relating to the
intent, beliefs, plans or expectations of the Companies are based
upon current expectations and are subject to a number of risks,
uncertainties and assumptions. It is not possible to predict or
identify all such factors and the following list should not be
considered a complete statement of all potential risks and
uncertainties relating to the bankruptcy filing by the Companies,
including, but not limited to: (i) the Companies’ ability to obtain
the Bankruptcy Court approval with respect to motions or other
requests made to the Bankruptcy Court in the Chapter 11 cases,
including maintaining strategic control as debtor-in-possession,
(ii) the ability of the Companies and subsidiaries to negotiate,
develop, confirm and consummate a plan of reorganization, (iii) the
effects of the bankruptcy filing on the Companies’ business and the
interests of various constituents, (iv) the Bankruptcy Court
rulings in the Chapter 11 cases, as well the outcome of all other
pending litigation and the outcome of the Chapter 11 Cases in
general, (v) the length of time that the Companies will operate
under Chapter 11 protection and the continued availability of
operating capital during the pendency of the Chapter 11
proceedings, (vi) risks associated with third party motions in the
Chapter 11 cases, which may interfere with the Companies’ ability
to confirm and consummate a plan of reorganization, (vii) the
potential adverse effects of the Chapter 11 proceedings on the
Companies’ liquidity or results of operations, (viii) increased
advisory costs to execute the Companies’ reorganization, (ix) the
impact of a potential NASDAQ suspension of trading and commencement
of delisting proceedings on the liquidity and market price of the
units representing limited liability company interests of the
Companies (“units”) and on the Companies’ ability to access the
public capital markets, (x) the uncertainty that any trading market
for units will exist or develop in the over-the-counter markets,
(xi) the completion of the subsequent offering period and (xii)
other risks and uncertainties. These risks and uncertainties could
cause actual results to differ materially from those described in
the forward-looking statements. For a more detailed discussion of
risk factors, please see Part I, Item 1A, “Risk Factors” of LINN
and LinnCo’s most recent Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q, and other public filings for more
information. The Companies assume no obligation and expressly
disclaims any duty to update the information contained herein
except as required by law.
LINN Energy, LLC and LinnCo, LLC
Investors and Media:
Clay Jeansonne, Vice President – Investor and Public Relations
(281) 840-4193
Sarah Nordin, Public Relations and Media
(713) 904-6605