FORT WORTH, Texas,
Aug. 13, 2018 /PRNewswire/ -- Hugoton Royalty Trust
(NYSE: HGT) (the "Trust") today announced that Simmons Bank, as trustee of the Trust, has
approved the Trust undertaking to voluntarily delist its Units of
Beneficial Interest (the "Units") from the New York Stock Exchange
("NYSE"). Such determination was based upon the inability of the
Trust to regain compliance within the time frame allotted by the
NYSE with the NYSE's continued listing requirement that the average
closing price of the Units be at least $1.00 per unit, calculated over a period of 30
consecutive trading days.
On August 13, 2018, the Trustee
notified the NYSE of its intent to voluntarily delist the
Units. The Trust intends to file a Form 25 with the
Securities and Exchange Commission on or about August 23, 2018. The Trustee expects the
last trading day for the Units on the NYSE will be on or about
August 24, 2018. The Trust has
made an application to have its Units quoted on the OTCQX
Market. The Trustee expects that the Units will be quoted on
the OTCQX Market under a newly assigned trading symbol on the next
trading day after NYSE trading is no longer available; however,
OTCQX Market trading is subject to the OTC Group's approval of the
Trust's OTCQX application. Once the trading symbol has been
assigned, the Trustee will publicly announce the new trading
symbol.
The Trust will remain subject to the periodic reporting
requirements of the Securities Exchange Act of 1934, as amended,
and its annual financial statements will continue to be audited by
an independent accounting firm. The Trustee intends to continue
posting quarterly and annual financial information on the Trust's
website (www.hgt-hugoton.com).
Following the NYSE delisting, the Trustee expects the Units will
be quoted on the OTCQX Market if the Trust's application is
accepted, but there can be no assurance that the application will
be accepted, or even if it is accepted, that the liquidity, trading
volume and volatility, of the Units will not be affected, which
could negatively impact market prices for the Units and make it
more difficult for unitholders to sell their Units.
For more information on the Trust, please visit our web site
at www.hgt-hugoton.com.
Statements made in this press release regarding future events
or conditions are forward looking statements. Actual future
results, including the acceptance of the Units on the OTCQX Market,
the timing of the delisting of the Units from the NYSE and the
listing of the Units on the OTCQX Market (if at all), could differ
materially due to stock market and economic conditions, changes in
natural gas prices and other economic conditions affecting the gas
industry, the actions of the operator of the properties underlying
the Trust's net profits interests, the actions of other market
participants and other factors described in Part I, Item 1A of the
Trust's Annual Report on Form 10-K for the year ended
December 31, 2017 and Part II, Item 1A of the Trust's
Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.
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content:http://www.prnewswire.com/news-releases/hugoton-royalty-trust-announces-voluntary-plans-for-nyse-delisting-and-filing-of-application-with-the-otcqx-market-300695955.html
SOURCE Hugoton Royalty Trust