Evolve Transition Infrastructure Receives Notice from NYSE American Commencing Delisting Procedures
June 09 2023 - 3:15PM
Evolve Transition Infrastructure LP (NYSE American: SNMP; OTC:
SNMP) (“Evolve”) today announced that on June 6, 2023, the NYSE
American LLC (“NYSE American”) publicly announced and notified
Evolve that NYSE Regulation has determined to commence proceedings
to delist Evolve’s common units representing limited partner
interests in Evolve (“Common Units”) from NYSE American. NYSE
Regulation has determined that Evolve is no longer suitable for
listing pursuant to Section 1003(f)(v) of the NYSE American Company
Guide. Under Section 1003(f)(v), the NYSE American will consider
commencing delisting procedures when a company’s listed securities
experience a sustained low selling price. While the NYSE American
pursues such procedures, trading in the Common Units on the NYSE
American is suspended but the Common Units will continue to be
traded over the counter.
Evolve has a right to a review of NYSE
Regulation’s determination to delist the Common Units by a
Committee of the Board of Directors of NYSE American and plans to
appeal the determination. NYSE American will apply to the
Securities and Exchange Commission to delist the Common Units upon
completion of all applicable procedures, including any challenge by
Evolve of NYSE Regulation’s decision.
As previously announced, on December 27, 2022,
Evolve received a deficiency letter from the NYSE American with
respect to Evolve’s failure to comply with Section 1003(f)(v) of
the NYSE American Company Guide and Evolve remains focused on the
previously announced 1-for-30 reverse split primarily intended to
address the low Common Unit trading price.
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. 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.
WardInterim Chief Executive Officer and Chief Financial
Officerir@evolvetransition.com(713) 800-9477
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