Cloud Peak Energy Announces Suspension of Trading & Commencement of NYSE Delisting Procedures Due to Low Stock Price; Common ...
March 26 2019 - 6:01PM
Business Wire
Cloud Peak Energy Inc. (NYSE: CLD) (the “Company”) announced
that on March 26, 2019, the Company was notified by the New York
Stock Exchange (“NYSE”) that the NYSE had determined to commence
proceedings to delist the Company’s common stock as a result of the
NYSE’s determination that the Company’s common stock was no longer
suitable for listing on the NYSE based on “abnormally low” price
levels, pursuant to Section 802.01D of the NYSE Listed Company
Manual. The NYSE also suspended trading in the Company’s common
stock effective immediately.
The NYSE stated that it will apply to the Securities and
Exchange Commission (“SEC”) to delist the Company’s common stock
upon completion of all applicable procedures. The Company does not
intend to appeal the delisting determination.
The Company anticipates that its common stock will begin trading
on the OTC Pink on March 27, 2019, under the symbol “CLDP”. The
transition to the over-the-counter markets will not affect the
Company’s business operations. The Company will remain subject to
the public reporting requirements of the SEC following the
transfer.
About Cloud Peak Energy®
Cloud Peak Energy Inc. (NYSE:CLD) is headquartered in Wyoming
and is the only pure-play Powder River Basin coal company. As one
of the safest coal producers in the nation, Cloud Peak Energy mines
low sulfur, subbituminous coal and provides logistics supply
services. The Company owns and operates three surface coal mines in
the PRB, the lowest cost major coal producing region in the nation.
The Antelope and Cordero Rojo mines are located in Wyoming and the
Spring Creek Mine is located in Montana. In 2018, Cloud Peak Energy
sold approximately 50 million tons from its three mines to
customers located throughout the U.S. and around the world. Cloud
Peak Energy also owns rights to substantial undeveloped coal and
complementary surface assets in the Northern PRB, further building
the Company’s long-term position to serve Asian export and domestic
customers. With approximately 1,200 total employees, the Company is
widely recognized for its exemplary performance in its safety and
environmental programs. Cloud Peak Energy is a sustainable fuel
supplier for approximately two percent of the nation’s
electricity.
Cautionary Note Regarding Forward Looking Statements
This release contains “forward-looking statements” within the
meaning of the safe harbor provisions of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward-looking statements are not statements of
historical facts and often contain words such as “may,” “will,”
“expect,” “believe,” “anticipate,” “plan,” “estimate,” “seek,”
“could,” “should,” “intend,” “potential,” or words of similar
meaning. Forward-looking statements are based on management’s
current expectations, beliefs, assumptions and estimates regarding
our company, industry, economic conditions, government regulations
and energy policies and other factors. Forward-looking statements
may include, for example, statements regarding the impact of our
inability to maintain compliance with the continued listing rules
of the NYSE, the possible timing for and ability to continue any
trading of our common stock on the OTC and other statements
regarding our plans, strategies, prospects and expectations
concerning our business, operating results, financial condition,
liquidity and other matters that do not relate strictly to
historical facts. These statements are subject to significant
risks, uncertainties, and assumptions that are difficult to predict
and could cause actual results to differ materially and adversely
from those expressed or implied in the forward-looking statements,
including risks and uncertainties regarding our inability to
maintain compliance with the continued listing rules of the NYSE.
Forward-looking statements are also subject to the risk factors and
cautionary language described from time to time in the reports and
registration statements we file with the Securities and Exchange
Commission, including those in Item 1A - Risk Factors in our most
recent Form 10-K and any updates thereto in our Forms 10-Q and
current reports on Form 8-K. Additional factors, events, or
uncertainties that may emerge from time to time, or those that we
currently deem to be immaterial, could cause our actual results to
differ, and it is not possible for us to predict all of them. We
make forward-looking statements based on currently available
information, and we assume no obligation to, and expressly disclaim
any obligation to, update or revise publicly any forward-looking
statements made in this release, whether as a result of new
information, future events or otherwise, except as required by
law.
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Cloud Peak Energy Inc.John Stranak, (720) 566-2932Investor
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