Exhibit 99.1
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NYSE American Approves SNMP’s
Plan to Regain Compliance
HOUSTON--(GLOBE NEWSWIRE)-- June 29, 2020--Sanchez Midstream Partners LP (NYSE American: SNMP) (“SNMP” or the “Partnership”) today announced that on June 25, 2020, the NYSE American LLC (the “Exchange”) notified the Partnership that it has accepted the Partnership’s plan to regain compliance with the Exchange’s continued listing standards.
As previously disclosed, on April 3, 2020, the Partnership received a letter from the Exchange stating that the Partnership was below compliance with Section 1003(a)(i) of the Exchange’s continued listing standards, 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.
The Partnership submitted a compliance plan to the Exchange on May 4, 2020 advising the Exchange how the Partnership plans to regain compliance with the Exchange’s continued listing standards by October 3, 2021. The Exchange has reviewed and accepted the plan and the Partnership has been granted a targeted completion date of October 3, 2021 to implement its plan and regain compliance.
If the Partnership is not in compliance with the continued listing standards by October 3, 2021, 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.
About the Partnership
Sanchez Midstream Partners LP (NYSE American: SNMP) is a growth-oriented publicly-traded limited partnership focused on the acquisition, development, ownership and operation of midstream and other energy-
