Emerge Energy Services LP (NYSE:EMES) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On May 17, 2019, Emerge Energy Services LP (the “Partnership”) received an expected notice (the “Delisting Notice”) from the New York Stock Exchange (the “NYSE”) indicating that the Partnership is not in compliance with the NYSE’s continued listing requirements under Section 802.01C of the NYSE Listing Company Manuel that requires listed companies to maintain an average closing security price of at least $1.00 over a period of 30 consecutive trading days.
As required by the NYSE, the Partnership will notify the NYSE within ten business days of its intent to cure the deficiency and return to compliance with the NYSE continued listing requirements. The Partnership 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 units representing limited partnership interests (the “Units”) have 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. If the Partnership does not notify the NYSE that it intends to cure the deficiency as described above, then the NYSE could commence delisting procedures. Under NYSE rules, the Partnership’s Units will continue to be listed on the NYSE during this six month period, subject to compliance with other continued listing requirements. The Units symbol “EMES” will be assigned a “.BC” indicator by the NYSE to signify that it currently is not in compliance with the NYSE’s continued listing requirements. If the Partnership fails to regain compliance with Section 802.01C during the cure period, its Units will be subject to the NYSE’s suspension and delisting procedures. Notwithstanding the foregoing, if the Units trade at an “abnormally low” price level under NYSE rules or the 30-day average market capitalization for the Units is below $15 million, the Partnership will be delisted and the six month cure period discussed above will not be available.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 17, 2019, the employment of Warren Bonham, Vice President of the Partnership’s general partner, Emerge Energy Services GP LLC, was terminated.
Item 7.01 Regulation FD Disclosure.
On May 23, 2019, the Partnership issued a press release announcing the receipt of the Delisting Notice. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
