ECA Marcellus Trust I Provides Update on NYSE Delisting
July 31 2020 - 8:30AM
Business Wire
ECA MARCELLUS TRUST I (NYSE: ECT) today announced that it has
received notification from the New York Stock Exchange (“NYSE”) of
its determination to suspend trading of the Trust’s units of
beneficial interest (the “Trust units”), effective as of the close
of trading on July 30, 2020, and to initiate proceedings to delist
the Trust units. The determination to commence the delisting
proceeding results from the Trust’s inability to satisfy the
continued listing compliance standards set forth under Rule 802.01C
of the NYSE Listed Company Manual because the average closing price
of the Trust units fell below $1.00 over a 30 consecutive
trading-day period that ended November 21, 2019, and the Trust was
unable to regain compliance with the applicable standards within a
cure period that concluded on July 30, 2020.
As a result of the suspension, the Trust expects that the Trust
units will begin trading on July 31, 2020 under the symbol “ECTM”
on the OTC Pink Market, which is operated by OTC Markets Group Inc.
(“OTC Pink”). To be quoted on OTC Pink, a market maker must sponsor
the security and comply with SEC Rule 15c2-11 before it can
initiate a quote in a specific security. OTC Pink is a
significantly more limited market than the NYSE, and the quotation
of the Trust units on OTC Pink may result in a less liquid market
available for existing and potential unitholders and could further
depress the trading price of the Trust units. There is no assurance
that an active market in the Trust units will develop on OTC
Pink.
This press release contains statements that are “forward-looking
statements” within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended. All statements contained in this
press release, other than statements of historical facts, are
“forward-looking statements” for purposes of these provisions.
These forward‑looking statements include the Trust’s expectations
regarding the timing of the transition of the quotation of the
Trust units to OTC Pink and expectations regarding the trading of
the Trust units on OTC Pink. Statements made in this press release
are qualified by the cautionary statements made in this press
release. The Trustee does not intend, and does not assume any
obligation, to update any of the statements included in this press
release. An investment in common units issued by ECA Marcellus
Trust I is subject to the risks described in the Trust’s Annual
Report on Form 10-K for the year ended December 31, 2019, Quarterly
Report on Form 10-Q for the period ended March 31, 2020, and all of
its other filings with the SEC. The Trust’s quarterly and other
filed reports are or will be available over the Internet at the
SEC’s website at http://www.sec.gov.
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ECA Marcellus Trust I The Bank of New York Mellon
Trust Company, N.A., as Trustee Sarah Newell 1(512)
236-6555
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