Evolve Transition Infrastructure Receives Notice from NYSE American Regarding Continued Listing Standard
31 December 2022 - 8:15AM
Evolve Transition Infrastructure LP (NYSE American: SNMP)
(“Evolve”) today announced that on December 27, 2022, Evolve
received a deficiency letter from NYSE American LLC (“NYSE
American”) stating that the NYSE American staff has determined that
Evolve’s common units have been selling for a low price per common
unit for a substantial period of time and, pursuant to Section
1003(f)(v) of the NYSE American Company Guide (the “Company
Guide”), Evolve’s continued listing is predicated on it effecting a
reverse split of its common units or otherwise demonstrating
sustained price improvement within a reasonable period of time,
which the NYSE American staff have determined to be no later than
June 27, 2023.
As a result of the foregoing, Evolve has become
subject to the procedures and requirements of Section 1009 of the
Company Guide. In compliance with Section 1009, Evolve contacted
the NYSE Regulation staff to confirm receipt of the deficiency
letter.
The receipt of the deficiency letter has no
immediate impact on the listing of Evolve’s common units, which
will continue to trade on NYSE American subject to Evolve’s
compliance with other continued listing standards of NYSE American.
Evolve is currently evaluating its available options and intends to
include its plan to regain compliance with Section 1003(f)(v) of
the Company Guide as part of the plan to be submitted no later than
January 5, 2023, which Evolve is required to submit as a result of
Evolve’s receipt of the previously disclosed NYSE American
deficiency letter dated December 6, 2022 regarding Evolve’s
non-compliance with Sections 1003(a)(i) and (ii) of the Company
Guide.
ABOUT THE PARTNERSHIP
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.
ADDITIONAL INFORMATION
Additional information about Evolve can be found
in Evolve’s documents on file with the United States Securities and
Exchange Commission (“SEC”) which are available on Evolve’s website
at www.evolvetransition.com and on the SEC’s website at
www.sec.gov.
FORWARD-LOOKING STATEMENTS
This 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.
Forward-looking statements in this press release may include, for
example, statements about Evolve’s submission of a plan to the NYSE
American staff, Evolve’s ability to comply with the procedures and
requirements of Section 1009 of the Company Guide and Evolve’s
ability to regain compliance with Section 1003(f)(v) of the Company
Guide. 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.
PARTNERSHIP CONTACTCharles C.
WardChief Financial Officerir@evolvetransition.com(713)
800-9477
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