EV Energy Partners Announces Extension of Grace Period to Meet NASDAQ Requirement
January 17 2018 - 4:00PM
EV Energy Partners, L.P. (NASDAQ:EVEP) today announced that it
received a notice from the NASDAQ Stock Market granting an
additional 180-day grace period to regain compliance with NASDAQ’s
minimum bid price requirement.
As previously disclosed, EVEP was notified by NASDAQ on July 17,
2017, that it no longer satisfied the minimum bid price requirement
for continued listing of $1.00 per unit. In anticipation of not
meeting the minimum bid price requirement by January 15, 2018, the
end of the initial 180-day grace period, EVEP applied for and was
approved to transfer the listing of its units to the NASDAQ Capital
Market. In order to regain compliance, the minimum bid price per
unit of EVEP’s common units must be at least $1.00 for at least ten
consecutive business days during the additional 180-day grace
period, which will end on July 16, 2018. If EVEP fails to regain
compliance during this grace period, EVEP’s common units will be
subject to delisting by NASDAQ. EVEP has provided NASDAQ written
assurance that it intends to implement a reverse unit split if the
closing bid price of its units is not at least $1.00 for a minimum
of ten consecutive business days during the extension period.
About EV Energy Partners, L.P.
EV Energy Partners, L.P. is a master limited partnership
engaged in acquiring, producing and developing oil and natural gas
properties. More information about EVEP is available on the
Internet at http://www.evenergypartners.com.
(code #: EVEP/G)
Forward Looking
Statements
This press release may include statements that
are not historical facts which are “forward-looking statements”
within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. These statements relate to,
among other things, EVEP’s future financial and operating
performance and results, EVEP’s ability to meet the minimum bid
price requirements of the NASDAQ or to cure any deficiency in
meeting the minimum bid price requirements, the implementation of a
reverse unit split, and other statements which include words such
as “anticipates,” “plans,” “projects,” “expects,” “intends,”
“believes,” “should,” and similar expressions of forward-looking
information. Forward-looking statements are inherently
uncertain and necessarily involve risks that may affect the
business prospects and performance of EVEP. These statements are
based on certain assumptions made by EVEP based on its experience
and perception of historical trends, current conditions, expected
future developments and other factors it believes are appropriate
in the circumstances. Actual results may differ materially
from those contained in the press release. Such risks and
uncertainties include, but are not limited to, our ability to meet
the financial covenants in our debt agreements and continue as a
going concern, changes in commodity prices, changes in reserve
estimates, requirements and actions of purchasers of properties,
exploration and development activities, the availability and cost
of financing, the returns on our capital investments and
acquisition strategies, the availability of sufficient cash flow to
pay distributions and execute our business plan and general
economic conditions. Additional information on risks and
uncertainties that could affect our business prospects and
performance are provided in the most recent reports of EVEP with
the SEC. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. All forward-looking statements included
in this press release are expressly qualified in their entirety by
the foregoing cautionary statements.
Any forward-looking statement speaks only as of the date on
which such statement is made and EVEP undertakes no obligation to
correct or update any forward-looking statement, whether as a
result of new information, future events or otherwise.
EV Energy Partners, L.P., HoustonNicholas
Bobrowski713-651-1144http://www.evenergypartners.com