NYSE American Approves Evolve’s Plan to Regain Compliance
February 23 2023 - 4:20PM
Evolve Transition Infrastructure LP (NYSE American: SNMP) (“Evolve”
or the “Partnership”) today announced that on February 21, 2023,
the NYSE American LLC (“NYSE American” or the “Exchange”) notified
the Partnership that it has accepted the Partnership’s plan to
regain compliance with the Exchanges’ continued listing standards.
As previously disclosed, on December 6, 2022,
Evolve received a deficiency letter from the Exchange stating that
the Partnership was below compliance with the continued listing
standards of the NYSE American Company Guide (the “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)). On December 27, 2022, Evolve received an
additional deficiency letter from the Exchange stating that the
Partnership was not in compliance with the continued listing
standards of the Company Guide which require the Partnership’s
common units to sell above a low price per common unit, which the
Exchange determined to be a 30-trading-day average of less than
$0.20 per Common Unit (Section 1003(f)(v)).
Evolve submitted a compliance plan to the
Exchange on January 5, 2023 advising the Exchange how the
Partnership plans to regain compliance with the Exchange’s
continued listing standards set forth in (i) Section 1003(f)(v) of
the Company Guide by June 27, 2023, and (ii) Sections
1003(a)(i) and 1003(a)(ii) of the Company Guide by June 6, 2024.
Following discussions with the staff of the Exchange and subsequent
updates to Evolve’s plan of compliance, Evolve received a letter
from the Exchange on February 21, 2023 stating that Evolve’s
compliance plan has been accepted and the Partnership has been
granted a targeted completion date of June 6, 2024 to implement its
plan and regain compliance.
If the Partnership is not in compliance with the
continued listing standards by June 6, 2024, or if it does not make
progress consistent with the plan during the plan period, the
Exchange may initiate delisting proceedings as appropriate. The
Partnership intends to regain compliance with the Exchange’s
continued listings standards by such date; however, there is no
assurance the Partnership will be able to accomplish this.
The Partnership remains subject to the
Exchange’s additional deficiency letter dated December 27, 2022,
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 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 staff of the Exchange have determined to
be no later than June 27, 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. 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.
WardChief Financial Officerir@evolvetransition.com(713)
800-9477
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