Summit Midstream Partners, LP (NYSE:SMLP) 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 disclosed in Item 5.02 of the Current Report on Form 8-K filed with the United States Securities and Exchange Commission on September 19, 2018 by Summit Midstream Partners, LP (the “Partnership”), Susan Tomasky, a member of the Board of Directors (the “Board”) of Summit Midstream GP, LLC (the “Company”) and the Audit Committee of the Board, resigned effective October 1, 2018.The Company is the general partner of the Partnership.Ms. Tomasky’s decision to resign from the Board was a result of her acceptance of a new position with another public company and was not due to any dispute or disagreement with the Company or the Partnership on any matter relating to the Partnership’s operations, policies or practices.As a result of Ms. Tomasky’s resignation, the Audit Committee of the Board is presently comprised of two directors, each of whom are independent under the New York Stock Exchange (“NYSE”) listing standards.
On October 1, 2018, the Partnership filed an interim written affirmation with the NYSE notifying the NYSE that it is temporarily deficient of the requirement under Section 303A.07(a) of the NYSE Listed Company Manual that audit committees be comprised of at least three independent directors.The Partnership expects to receive an official notice from the NYSE of noncompliance with the NYSE’s listing standards as a result of the failure to have three independent members on its audit committee.
Since the time that Ms. Tomasky first notified the Partnership of her expected departure, the Partnership has undertaken a search for a new independent director and expects to announce a replacement in a timely manner.Upon appointing a new member of the Audit Committee that meets the independence requirements of Section 10A-3 of, and Rule 10A-3 under, the Securities Exchange Act of 1934, as amended, and Section 303A.02 of the NYSE Listed Company Manual, the Partnership will regain compliance with the applicable NYSE listing standard.The Partnership expects to fill the vacancy created by Ms. Tomasky’s departure in conformity with the procedures outlined in Section 802.02 of the NYSE Listing Company Manual.
About Summit Midstream Partners, LP (NYSE:SMLP)
Summit Midstream Partners, LP is a limited partnership focused on developing, owning and operating midstream energy infrastructure assets. The Company’s segments include the Marcellus Shale, which is served by Mountaineer Midstream; the Williston Basin, which is served by Bison Midstream; the Barnett Shale, which is served by DFW Midstream; the Piceance Basin, which is served by Grand River, and Corporate. It provides natural gas gathering, treating and processing services pursuant to long-term and natural gas gathering and processing agreements. The Company operates in approximately four resource basins, including the Appalachian Basin, the Williston Basin, the Fort Worth Basin and the Piceance Basin. Its midstream assets gathering systems include Mountaineer Midstream in northern West Virginia; Bison Midstream in northwestern North Dakota; Polar and Divide in northwestern North Dakota; DFW Midstream in north-central Texas, and Grand River in western Colorado and eastern Utah.