Evolve Transition Infrastructure Reports Exercise of Right to Purchase Common Units
January 08 2024 - 5:50AM
Evolve Transition Infrastructure LP (NYSE American: SNMP) (the
“Partnership”) announced today that Evolve Transition
Infrastructure GP LLC, the general partner of the Partnership (the
“General Partner”), has elected to exercise the right to purchase
all of the issued and outstanding common units representing limited
partner interests (“Common Units”) in the Partnership not already
owned by the General Partner or its controlled affiliates (the
“Transaction Units”) pursuant to Section 15.1 of the
Partnership’s Third Amended and Restated Agreement of Limited
Partnership, as amended (the “Partnership Agreement”).
The General Partner will purchase the
Transaction Units on February 16, 2024 (the “Purchase Date”) for a
cash purchase price of $1.389285 per Transaction Unit. The purchase
price was calculated pursuant to the formula set forth in Section
15.1(b) of the Limited Partnership Agreement based on the average
of the daily closing prices per Common Unit on the NYSE American
(“NYSE American”) for the 20 consecutive trading days ending on
January 4, 2024, the trading day immediately prior to the third day
prior to January 8, 2024, the date the notice of election is being
mailed.
As of the Purchase Date, all rights of the
holders of the Transaction Units will cease, except for the right
to receive payment of the purchase price. Upon completion of the
purchase on the Purchase Date, the General Partner and its
affiliates will own, directly or indirectly, 100% of the Common
Units. In addition, upon completion of the purchase, the Common
Units will cease to be publicly traded or listed on the NYSE
American, and will not be listed or quoted on any other venue.
About Evolve Transition Infrastructure
LP
Evolve 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.
PARTNERSHIP CONTACTCharles C. WardInterim Chief
Executive Officer, Chief Financial Officer and
Secretaryir@evolvetransition.com(713) 800-9477
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