Amplify Energy Receives Continued Listing Standard Notice from NYSE

Rhea-AI Summary

Amplify Energy Corp. (NYSE: AMPY) received a notice from the NYSE indicating its average share price fell below $1.00 for the past 30 trading days, impacting its continued listing eligibility. The company confirmed that this notification does not affect its ongoing business operations or SEC reporting obligations. Amplify plans to notify the NYSE of its intent to cure this deficiency within the designated six-month period, allowing for continued trading of its shares, provided other listing requirements are met.

Positive

• The NYSE notification does not affect Amplify's ongoing business operations.
• Amplify has a six-month period to regain compliance with NYSE listing requirements.
• During the cure period, Amplify's shares will continue to trade on the NYSE.

Negative

• The stock price fell below the $1.00 threshold, signaling potential financial instability.
• Failure to regain compliance may lead to delisting from the NYSE.

HOUSTON, Oct. 14, 2020 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) announced today that on October 13, 2020, the Company received formal notice from the New York Stock Exchange ("NYSE") that the average closing share price of the Company's common stock over the prior 30-consecutive trading day period was below $1.00, which is the minimum average share price for continued listing on the NYSE.

The NYSE notification does not affect the Company’s ongoing business or its Securities and Exchange Commission reporting requirements, nor does it trigger any violation of its debt obligations.

Amplify intends to notify the NYSE of its intent to cure the deficiency and return to compliance with the NYSE continued listing requirements within the six-month cure period. During the cure period, Amplify's shares of common stock will continue to trade on the NYSE, subject to compliance with other continued listing requirements.

Under NYSE rules, the Company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period, its common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month.

About Amplify Energy

Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploration and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies, offshore California, East Texas / North Louisiana and South Texas. For more information, visit www.amplifyenergy.com.

Investor Relations Contacts

Martyn Willsher – Interim CEO & CFO
(832) 219-9047
martyn.willsher@amplifyenergy.com

FAQ

What recent notification did Amplify Energy receive from the NYSE?

Amplify Energy received a notification that its average share price has fallen below $1.00, impacting its listing status.

What is the minimum average share price for continued listing on the NYSE?

The minimum average share price for continued listing on the NYSE is $1.00.

How long does Amplify Energy have to address the NYSE notification?

Amplify Energy has a six-month cure period to address the NYSE notification and regain compliance.

Will Amplify Energy's business operations be affected by the NYSE notification?

No, the NYSE notification does not affect Amplify Energy's ongoing business operations.

What happens if Amplify Energy fails to meet NYSE listing requirements?

If Amplify Energy fails to regain compliance, it may face delisting from the NYSE.