Southcross Energy Partners, L.P. Receives NYSE Continued Listing Standard Letter
August 31 2018 - 6:00AM
Southcross Energy Partners, L.P. (NYSE: SXE) (“Southcross” or the
“Partnership”) was notified on August 27, 2018 by the New York
Stock Exchange ("NYSE") that the Partnership does not presently
satisfy the NYSE's continued listing standard requiring the average
closing price of the Partnership's common units to be at least
$1.00 per common unit over a period of 30 consecutive trading
days. As of August 27, 2018, the average closing price of the
Partnership's common units over the preceding 30 trading-day period
was $0.88 per unit.
In accordance with NYSE rules, the Partnership
intends to notify the NYSE within 10 business days of receipt of
the notification that the Partnership intends to cure the
deficiency. The Partnership has a period of six months from
the date of the notification to regain compliance with the minimum
unit price criteria. The Partnership is considering all
available options to regain compliance during this six-month
period.
Under the NYSE rules, the Partnership's common
units will continue to be listed and traded on the NYSE during this
six-month period, subject to the Partnership's compliance with
other continued listing requirements. The current
noncompliance with the NYSE listing standard does not affect the
Partnership's ongoing business operations or its Securities and
Exchange Commission reporting requirements, and does not cause an
event of default under the Partnership's credit facilities.
About Southcross Energy Partners,
L.P.Southcross Energy Partners, L.P. is a master limited
partnership that provides natural gas gathering, processing,
treating, compression and transportation services and NGL
fractionation and transportation services. It also sources,
purchases, transports and sells natural gas and NGLs. Its assets
are located in South Texas, Mississippi and Alabama and include two
gas processing plants, one fractionation plant and approximately
3,100 miles of pipeline. The South Texas assets are located in or
near the Eagle Ford shale region. Southcross is headquartered in
Dallas, Texas. Visit www.southcrossenergy.com for more
information.
Cautionary Statement Regarding
Forward-Looking Statements
This news release and accompanying statements
may contain forward-looking statements. All statements that are not
statements of historical facts, including statements regarding our
future financial position, results, business strategy, guidance,
distribution growth and plans and objectives of management for
future operations, are forward-looking statements. We have used the
words “anticipate,” “believe,” “could,” “estimate,” “expect,”
“intend,” “may,” “plan,” “predict,” “project,” “should,” “will,”
“would”, “potential,” and similar terms and phrases to identify
forward-looking statements in this news release. Although we
believe that the assumptions underlying our forward-looking
statements are reasonable, any of these assumptions could be
inaccurate, and, therefore, we cannot assure you that the
forward-looking statements included herein will prove to be
accurate. These forward-looking statements reflect our intentions,
plans, expectations, assumptions and beliefs about future events
and are subject to risks, uncertainties and other factors, many of
which are outside our control. Actual results and trends in the
future may differ materially from those suggested or implied by the
forward-looking statements depending on a variety of factors which
are described in greater detail in our filings with
the Securities and Exchange Commission (“SEC”). Please
see the Partnership’s “Risk Factors” and other disclosures included
in their Annual Report on Form 10-K for the year ended
December 31, 2017 and in subsequently filed Forms 10-Q and
8-K. All future written and oral forward-looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by the previous statements. The
forward-looking statements herein speak as of the date of this news
release. The Partnership undertakes no obligation to update any
information contained herein or to publicly release the results of
any revisions to any forward-looking statements that may be made to
reflect events or circumstances that occur, or that we become aware
of, after the date of this news release.
Contact:Southcross Energy Partners,
L.P.
Mallory Biegler, 214-979-3720Investor
Relationsinvestorrelations@southcrossenergy.com