Evolve Transition Infrastructure Receives Notice from NYSE American Regarding Continued Listing Standard
December 09 2022 - 3:15PM
Evolve Transition Infrastructure LP (NYSE American: SNMP) (“Evolve”
or the “Partnership”) today announced that on December 6, 2022, the
Partnership received a deficiency letter from NYSE American LLC
(“NYSE American”) stating that the Partnership was below compliance
with the NYSE American continued listing standards of the NYSE
American Company Guide, which requires Evolve to report partners’
capital of $2.0 million or more if it has also reported losses from
continuing operations and/or net losses in two of its three most
recent fiscal years (Section 1003(a)(i)) or to report partners’
capital of $4.0 million or more if it has also reported losses from
continuing operations and/or net losses in three of its four most
recent fiscal years (Section 1003(a)(ii)).
The receipt of the deficiency letter has no
immediate impact on the listing of the Partnership’s common units,
which will continue to trade on NYSE American subject to the
Partnership’s compliance with other continued listing standards of
NYSE American. In accordance with applicable NYSE American
procedures, the Partnership must submit a plan by January 5, 2023
advising of actions it has taken or will take to regain compliance
with the continued listing standard by June 6, 2024. The
Partnership is currently evaluating its available options and
intends to develop a plan to be submitted no later than January 5,
2023.
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. We own
natural gas gathering systems, pipelines and processing facilities
in South Texas and continue 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. 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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