Item 3.01Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; transfer of listing.
As previously disclosed, on April 3, 2020, Sanchez Midstream Partners LP (the “Partnership”) received notice (the “Notice”) from the NYSE American LLC (the “Exchange”) that the Partnership is below compliance with certain of the Exchange’s continued listing standards as set forth in Part 10 of the NYSE American Company Guide (the “Company Guide”). The Notice stated that the Exchange’s review of the Partnership showed that the Partnership is below compliance with Section 1003(a)(i) of the Company Guide, specifically because the Partnership reported partners’ capital of less than $2,000,000 as of December 31, 2019 and had net losses in two of its three most recent fiscal years.
On May 4, 2020, the Partnership submitted a plan of compliance to the Exchange addressing how it intends to regain compliance with Section 1003(a)(i) of the Company Guide by October 3, 2021. On June 25, 2020, the Partnership received a letter from the Exchange stating that the Partnership’s compliance plan has been accepted and that the Partnership has been granted a plan period through October 3, 2021.
By October 3, 2021, the Partnership must either be in compliance or must have made progress that is consistent with the plan during the plan period. Failure to meet the requirements to regain compliance could result in the initiation of delisting proceedings.
The Partnership’s common units representing limited partner interests in the Partnership will continue to be listed on the Exchange while the Partnership attempts to regain compliance with the listing standards noted above by the targeted completion date of October 3, 20201, subject to the Partnership’s compliance with other continued listing requirements of the Exchange.
Item 8.01Other Events.
On June 29, 2020, the Partnership issued a press release discussing the matters disclosed in Item 3.01 above. A copy of the press release is included herewith as Exhibit 99.1 and the information in the press release is incorporated by reference into this Item 8.01.
In accordance with General Instruction B.2 of Form 8-K, the information provided under this Item 8.01 is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
