Summit Midstream Partners, LP Regains Compliance with NYSE Minimum Price Continued Listing Standard

Rhea-AI Summary

Summit Midstream Partners, LP (NYSE: SMLP) announced it has regained compliance with the NYSE's continued listing standards following a reverse unit split. The company’s common unit price has averaged above $1.00 for the 30 trading days ending November 30, 2020. Consequently, the 'below criteria' suffix will be removed from its ticker symbol, allowing SMLP to trade without restrictions. This compliance is expected to enhance investor confidence and stabilizes the trading environment for SMLP.

Positive

• SMLP has regained compliance with NYSE's minimum price requirement.
• The average unit price exceeded $1.00 for 30 consecutive trading days.
• Removal of 'below criteria' suffix from SMLP's ticker symbol.

Negative

• None.

HOUSTON, Dec. 3, 2020 /PRNewswire/ -- Summit Midstream Partners, LP (NYSE: SMLP) announced today that it has received written notification from the New York Stock Exchange (the "NYSE") that it has regained compliance with the NYSE's continued listing standard.  As a result of the recent reverse unit split, SMLP's common unit price has traded above the NYSE's minimum requirement of $1.00 average unit price for the 30-trading days ended November 30, 2020.  Given that SMLP has regained compliance with the NYSE's minimum price continued listing standard, the suffix indicating "below criteria" will be removed from its ticker symbol and SMLP will trade on the NYSE under the ticker "SMLP."

About Summit Midstream Partners, LP
SMLP is a value-driven limited partnership focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in unconventional resource basins, primarily shale formations, in the continental United States.  SMLP provides natural gas, crude oil and produced water gathering services pursuant to primarily long-term and fee-based gathering and processing agreements with customers and counterparties in six unconventional resource basins: (i) the Appalachian Basin, which includes the Utica and Marcellus shale formations in Ohio and West Virginia; (ii) the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; (iii) the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming; (iv) the Permian Basin, which includes the Bone Spring and Wolfcamp formations in New Mexico; (v) the Fort Worth Basin, which includes the Barnett Shale formation in Texas; and (vi) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado.  SMLP has an equity investment in Double E Pipeline, LLC, which is developing natural gas transmission infrastructure that will provide transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas.  SMLP also has an equity investment in Ohio Gathering, which operates extensive natural gas gathering and condensate stabilization infrastructure in the Utica Shale in Ohio.  SMLP is headquartered in Houston, Texas.

Forward-Looking Statements
This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws.  Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements, and may contain the words "expect," "intend," "plan," "anticipate," "estimate," "believe," "will be," "will continue," "will likely result," and similar expressions, or future conditional verbs such as "may," "will," "should," "would," and "could."  Forward-looking statements also contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management's control) that may cause SMLP's actual results in future periods to differ materially from anticipated or projected results.  An extensive list of specific material risks and uncertainties affecting SMLP is contained in its 2019 Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 9, 2020, Quarterly Report on Form 10-Q for the three months ended March 31, 2020 filed with the Securities Exchange Commission on May 8, 2020, Quarterly Report on Form 10-Q for the three months ended June 30, 2020 filed with the Securities Exchange Commission on August 7, 2020 and Quarterly Report on Form 10-Q for the three months ended September 30, 2020 filed with the Securities Exchange Commission on November 6, 2020, each as amended and updated from time to time. Any forward-looking statements in this press release, are made as of the date of this press release and SMLP undertakes no obligation to update or revise any forward-looking statements to reflect new information or events.

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SOURCE Summit Midstream Partners, LP

FAQ

What does it mean for SMLP to regain compliance with NYSE listing standards?

Regaining compliance means that Summit Midstream Partners has met the NYSE's minimum price requirement, allowing it to trade without restrictions.

How did Summit Midstream Partners achieve compliance with NYSE standards?

SMLP achieved compliance through a reverse unit split, which increased its common unit price above $1.00.

What is the current trading status of SMLP on the NYSE?

SMLP is now trading without the 'below criteria' suffix on its ticker symbol, indicating full compliance with NYSE standards.

What was the average price of SMLP units during the compliance period?

The average price of SMLP units exceeded $1.00 for the 30 trading days ending November 30, 2020.

When was the compliance announcement made by SMLP?

The compliance announcement was made on December 3, 2020.