Ferrellgas Partners, L.P. Announces Intention to Voluntary Delist From NYSE, Applies to Have Units Trade on OTCQB
December 20 2019 - 5:15PM
Ferrellgas Partners, L.P. (NYSE: FGP) (the “Company”) today
announced its intention to voluntarily delist its common units from
the New York Stock Exchange (“NYSE”).
This announcement follows the Company’s receipt of notice from
the NYSE that the Company is not in compliance with the continued
listing standards and, as a result, has been subject to the
procedures outlined in Sections 801 and 802 of the NYSE Listed
Company Manual (see the Company's news release dated July 26,
2019).
The Company has been evaluating its options with respect to its
NYSE listing and after much discussion and deliberation, the Board
of Directors approved a resolution authorizing the Company to
voluntarily delist from the NYSE for an indefinite period of time.
The Company believes the delisting from the NYSE will be a
temporary event. Further, it is the Company’s position that as it
resolves its balance sheet issues, which the Company is attending
to with its financial and legal advisors, the issues causing the
delisting likewise should be resolved.
As such, the Company has notified the NYSE of its intent to
voluntarily delist its common stock from the NYSE. The Company
currently anticipates that it will file with the Securities and
Exchange Commission a Form 25 relating to the delisting of its
common units on or about December 30, 2019, and anticipates that
the delisting of its common units will become effective on or about
January 9, 2020. The Company does not expect the delisting to have
any adverse effects on its business operations.
The Company intends to apply to have its common units quoted on
the OTCQB tier of the OTC Markets. The Company will remain subject
to the periodic reporting requirements of the Securities Exchange
Act of 1934, as amended.
About Ferrellgas Ferrellgas Partners, L.P.,
through its operating partnership, Ferrellgas, L.P., and
subsidiaries, serves propane customers in all 50 states, the
District of Columbia, and Puerto Rico. Ferrellgas employees
indirectly own 22.8 million common units of the partnership,
through an employee stock ownership plan. Ferrellgas Partners, L.P.
filed a Form 10-K with the Securities and Exchange Commission on
October 15, 2019. Investors can request a hard copy of this filing
free of charge and obtain more information about the partnership
online at www.ferrellgas.com.
Forward Looking Statements Statements in this
release concerning expectations for the future are forward-looking
statements. A variety of known and unknown risks, uncertainties and
other factors could cause results, performance, and expectations to
differ materially from anticipated results, performance, and
expectations. These risks, uncertainties, and other factors include
those discussed in the Form 10-K of Ferrellgas Partners, L.P.,
Ferrellgas Partners Finance Corp., Ferrellgas, L.P., and Ferrellgas
Finance Corp. for the fiscal year ended July 31, 2019, and in other
documents filed from time to time by these entities with the
Securities and Exchange Commission.
ContactsInvestor Relations –
InvestorRelations@ferrellgas.com
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