Amplify Energy Receives Continued Listing Standard Notice from NYSE

Rhea-AI Summary

Amplify Energy Corp. (NYSE: AMPY) received a notice from the NYSE on August 31, 2020, indicating non-compliance with listing standards due to its market capitalization and stockholders' equity falling below $50 million. The Company has 45 days to submit a business plan to demonstrate compliance within 18 months. If accepted, it will undergo quarterly monitoring; if rejected, delisting procedures may occur. The notice does not currently impact trading or business operations.

Positive

• The notice does not immediately affect the trading of Amplify's common stock.
• The notice does not influence business operations or SEC reporting requirements.

Negative

• Average global market capitalization and stockholders' equity are both below $50 million.
• Failure to develop an acceptable business plan may lead to delisting from the NYSE.

HOUSTON, Sept. 04, 2020 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) announced today that it received written notice (the “Notice”) from the New York Stock Exchange (“NYSE”) on August 31, 2020, that the Company is not in compliance with the continued listing standards set forth in Item 802.01B of the NYSE Listed Company Manual because its average global market capitalization over a consecutive 30 trading-day period and last reported stockholders’ equity were both below $50 million. 

In accordance with NYSE procedures, the Company has 45 days from its receipt of the Notice to submit a business plan to the NYSE demonstrating how it intends to regain compliance with the NYSE’s continued listing standards within 18 months.  The Company intends to develop and submit a business plan within 45 days of receipt of the Notice that demonstrates its ability to regain compliance with the NYSE’s continued listing standards within the required timeframe.  The Listings and Compliance Committee of the NYSE (the “Committee”) will then review the business plan for final disposition.

In the event the Committee accepts the plan, the Company will be subject to quarterly monitoring for compliance with the business plan and the Company’s compliance with other NYSE continued listing requirements.  In the event the Committee does not accept the business plan, the Company will be subject to delisting procedures and suspension by the NYSE.

The Notice has no immediate impact on the listing of the Company’s common stock, which will continue to trade on the NYSE. In addition, the Notice does not affect the Company’s business operations or its SEC reporting requirements and does not conflict with or cause an event of default under any of the Company’s material debt or other agreements.

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 did Amplify Energy announce on September 4, 2020?

Amplify Energy announced receipt of a notice from the NYSE regarding non-compliance with listing standards due to low market capitalization and stockholders' equity.

What is Amplify Energy's stock symbol?

The stock symbol for Amplify Energy is AMPY.

What are the implications of the NYSE notice for Amplify Energy?

The notice requires Amplify Energy to submit a business plan within 45 days to demonstrate compliance within 18 months; otherwise, delisting procedures may initiate.

How long does Amplify Energy have to respond to the NYSE notice?

Amplify Energy has 45 days from the receipt of the notice to submit a business plan.

Does the NYSE notice affect Amplify Energy's trading status?

No, the notice does not immediately impact the trading of Amplify Energy's common stock.