Amplify Energy Receives Continued Listing Standard Notice from NYSE
September 04 2020 - 4:15PM
Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”)
announced today that it received written notice (the “Notice”) from
the New York Stock Exchange (“NYSE”) on August 31, 2020, that
the Company is not in compliance with the continued listing
standards set forth in Item 802.01B of the NYSE Listed Company
Manual because its average global market capitalization over a
consecutive 30 trading-day period and last reported stockholders’
equity were both below $50 million.
In accordance with NYSE procedures, the Company
has 45 days from its receipt of the Notice to submit a business
plan to the NYSE demonstrating how it intends to regain compliance
with the NYSE’s continued listing standards within 18 months.
The Company intends to develop and submit a business plan within 45
days of receipt of the Notice that demonstrates its ability to
regain compliance with the NYSE’s continued listing standards
within the required timeframe. The Listings and Compliance
Committee of the NYSE (the “Committee”) will then review the
business plan for final disposition.
In the event the Committee accepts the plan, the
Company will be subject to quarterly monitoring for compliance with
the business plan and the Company’s compliance with other NYSE
continued listing requirements. In the event the Committee
does not accept the business plan, the Company will be subject to
delisting procedures and suspension by the NYSE.
The Notice has no immediate impact on the
listing of the Company’s common stock, which will continue to trade
on the NYSE. In addition, the Notice does not affect the Company’s
business operations or its SEC reporting requirements and does not
conflict with or cause an event of default under any of the
Company’s material debt or other agreements.
About Amplify Energy
Amplify Energy Corp. is an independent oil and
natural gas company engaged in the acquisition, development,
exploration and production of oil and natural gas properties.
Amplify’s operations are focused in Oklahoma, the Rockies, offshore
California, East Texas / North Louisiana and South Texas. For
more information, visit www.amplifyenergy.com.
Investor Relations Contacts
Martyn Willsher – Interim CEO & CFO(832)
219-9047martyn.willsher@amplifyenergy.com
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