Evolve Transition Infrastructure Announces Date of Effectiveness of Reverse Split
June 23 2023 - 3:15PM
Evolve Transition Infrastructure LP (OTC: SNMP) (“Evolve”) today
announced that it intends to implement its previously announced
1-for-30 reverse split (the “Reverse Split”) of its common units
representing limited partner interests in Evolve (“common units”)
effective after the over-the-counter market closes on July 17,
2023. The common units will begin trading on a split-adjusted basis
when the over-the-counter market opens on July 18, 2023. The
announcement today follows confirmation from The Financial Industry
Regulatory Authority (“FINRA”) that it has received and reviewed
the necessary documentation to process the Reverse Split. FINRA
reserves the right to further review the Reverse Split and any
additional review could potentially further delay the
implementation of the Reverse Split.
As previously announced, pursuant to the Reverse
Split, common unitholders will receive one common unit for every
thirty common units they own at the close of trading on July 17,
2023. No fractional units will be issued in connection with the
Reverse Split and unitholders who would otherwise be entitled to
receive a fractional unit will instead receive a cash payment
(without interest and rounded up to the nearest whole cent) based
on the closing price of the common units on July 17, 2023.
The Reverse Split uniformly affects all issued
and outstanding common units as well as all units under Evolve’s
long term incentive plans, warrants and associated reserves. Evolve
anticipates that the Reverse Split will decrease the number of
common units outstanding from approximately 254.4 million to 8.5
million.
Evolve’s transfer agent, Computershare Trust
Company, N.A., will adjust its records to reflect each registered
unitholder’s post-split position and registered unitholders are not
required to take any action in connection with the Reverse Split.
Please contact Computershare Trust Company, N.,A. for further
information at (800) 564-6253 or by email directed to
shareholder@computershare.com.
Unitholders owning common units via a broker,
bank, trust or other nominee will have their positions
automatically adjusted to reflect the Reverse Split, subject to
such broker’s particular processes, and will not be required to
take any action in connection with the Reverse Split.
The new CUSIP number for the common units after
the Reverse Split will be 30053M203.
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.
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.
CONTACTCharles C. WardInterim
Chief Executive Officer and Chief Financial
Officerir@evolvetransition.com(713) 800-9477
General Inquiries: (713) 800-9477
www.evolvetransition.com
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