MEMORIAL PRODUCTION PARTNERS LP (NASDAQ:MEMP) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously disclosed, on January 16, 2017, Memorial Production Partners LP (the “Partnership”) and certain of its subsidiaries filed voluntary petitions (the “Chapter 11 Cases”) under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division.
On January 17, 2017, the Partnership received a letter from the Listing Qualifications Department of The NASDAQ Stock Market LLC (“NASDAQ”) notifying the Partnership that as a result of the Chapter 11 Cases, and in accordance with NASDAQ Listing Rules 5101, 5110(b) and IM-5101-1, NASDAQ has determined that the Partnership’s common units representing limited partner interests (“common units”) will be delisted from The NASDAQ Stock Market. Accordingly, unless the Partnership requests an appeal of this determination, trading of the common units will be suspended at the opening of business on January 26, 2017, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Partnership’s securities from listing and registration on The Nasdaq Stock Market.
As disclosed on December 19, 2016, the common units had also previously fallen below the NASDAQ’s continued listing standard in NASDAQ Listing Rule 5450(a)(1) requiring listed companies to maintain an average closing price per share of not less than $1.00 over a consecutive 30 trading-day period.
The Partnership currently intends to request an appeal of this determination.
About MEMORIAL PRODUCTION PARTNERS LP (NASDAQ:MEMP)
Memorial Production Partners LP (the Partnership) owns, acquires and exploits oil and natural gas properties in North America. The Partnership is owned by its limited partners and general partner. Its general partner is responsible for managing all of the Partnership’s operations and activities. The Partnership operates in the acquisition, exploitation, development and production of oil and natural gas properties segment. Its business activities are conducted through Memorial Production Operating LLC (OLLC) and its wholly owned subsidiaries. Its assets consist primarily of producing oil and natural gas properties, and are located in East Texas/Louisiana, Rockies, Offshore Southern California, Permian Basin and South Texas. Most of its oil and natural gas properties are located in oil and natural gas reservoirs with geologic characteristics and production profiles and capital requirements. MEMORIAL PRODUCTION PARTNERS LP (NASDAQ:MEMP) Recent Trading Information
MEMORIAL PRODUCTION PARTNERS LP (NASDAQ:MEMP) closed its last trading session down -0.005 at 0.178 with 2,943,608 shares trading hands.