Evolve Transition Infrastructure LP - SNMP STOCK NEWS

Evolve Transition Infrastructure LP has resolved the low selling price deficiency and NYSE American will lift the trading suspension on the Partnership's common units on July 31, 2023. Evolve continues to work on regaining compliance with NYSE American's listing standards by June 6, 2024.

Evolve Transition Infrastructure LP (OTC: SNMP) has announced a delay in its previously announced reverse split of its common units. The delay is due to the review by the Financial Industry Regulatory Authority (FINRA) as a result of the Common Units initiating trading on the over-the-counter market.

Evolve Transition Infrastructure LP (Evolve) announced a 1-for-30 reverse split on its common units. The reverse split will be effective after the market closes on June 13, 2023. Evolve's common units will continue trading on the NYSE American under the ticker symbol SNMP and will begin trading on a split-adjusted basis when the market opens on June 14, 2023. The reverse split is intended to bring the Partnership into compliance with the continued listing standards of the NYSE American. The Partnership anticipates a decrease in the number of common units outstanding from approximately 254.4 million to 8.5 million.

Evolve Transition Infrastructure LP (NYSE American: SNMP) has filed its 2022 Annual Report on Form 10-K with the SEC. As of December 31, 2022, the Partnership reported $2.8 million in cash and cash equivalents and reduced its outstanding debt by $29.0 million, or 59%, totaling $20.2 million. However, the audit opinion contains a going concern qualification, raising doubts about the Partnership's financial stability. Unitholders can access the 10-K report on the SEC's and Evolve's websites. Forward-looking statements about future operations may be subject to risks and uncertainties that could lead to variations from projected performance.

Evolve Transition Infrastructure LP (NYSE American: SNMP) announced on February 21, 2023, that the NYSE American has accepted its compliance plan to meet continued listing standards. The plan is a response to deficiencies identified in December 2022, which noted that Evolve had insufficient partners’ capital and its common units were trading below the required price. Evolve aims to regain compliance by June 6, 2024, but may face delisting if it fails to meet the standards or show sufficient progress. The company also faces additional requirements to improve its common units' trading price by June 27, 2023.

Evolve Transition Infrastructure LP (NYSE American: SNMP) received a deficiency letter from NYSE American on December 6, 2022, due to non-compliance with continued listing standards. The company must maintain partners' capital of at least $2 million or $4 million, depending on past net losses. However, there is no immediate impact on the common units' listing, which will continue to trade as Evolve develops a compliance plan due by January 5, 2023, with a goal of regaining compliance by June 6, 2024.

Evolve Transition Infrastructure LP (NYSE American: SNMP) has received approval from the U.S. Bankruptcy Court for its Settlement Agreement with Mesquite Energy, Inc. Under this agreement, Mesquite will pay $10 million to Evolve, resolving outstanding claims. Evolve will also gain additional rights in Mesquite's Eastern Catarina acreage and receive approximately $5 million from the Restated Gathering Agreement. The settlements will significantly reduce Evolve's debt from $180 million in 2018 to under $30 million by September 30, 2022, enhancing its financial position.