HOUSTON, Oct. 30, 2020 /PRNewswire/ -- Summit Midstream
Partners, LP (NYSE: SMLP) (the "Partnership" or "SMLP") announced
today that the Board of Directors of its general partner has
approved a 1-for-15 reverse unit split on its common units
representing limited partner interests in the Partnership (the
"common units"), effective after the market closes on November 9, 2020. The common units will begin
trading on a split-adjusted basis on November 10, 2020.
Pursuant to the reverse unit split, common unitholders will
receive one common unit for every 15 common units owned at the
close of business on November 9,
2020. All fractional units created by the reverse unit split
will be rounded to the nearest whole unit, as provided by the
Partnership's partnership agreement. The Partnership's common unit
count will be reduced from approximately 56,624,887 outstanding
common units to approximately 3,774,992 outstanding common units
post-split. The Partnership's common units will continue to trade
on the New York Stock Exchange (the "NYSE") under the symbol "SMLP"
but will trade under a new CUSIP.
The Partnership's transfer agent, American Stock Transfer and
Trust Company, will act as the exchange agent. Please contact
American Stock Transfer and Trust Company for further information
at (800) 937-5449.
About Summit Midstream Partners, LP
SMLP is a
value-driven limited partnership focused on developing, owning and
operating midstream energy infrastructure assets that are
strategically located in unconventional resource basins, primarily
shale formations, in the continental United States. SMLP
provides natural gas, crude oil and produced water gathering
services pursuant to primarily long-term and fee-based gathering
and processing agreements with customers and counterparties in six
unconventional resource basins: (i) the Appalachian Basin, which
includes the Utica and Marcellus
shale formations in Ohio and
West Virginia; (ii) the
Williston Basin, which includes
the Bakken and Three Forks shale formations in North Dakota; (iii) the Denver-Julesburg
Basin, which includes the Niobrara
and Codell shale formations in Colorado and Wyoming; (iv) the Permian Basin, which
includes the Bone Spring and Wolfcamp formations in New Mexico; (v) the Fort Worth Basin, which includes the Barnett
Shale formation in Texas; and (vi)
the Piceance Basin, which includes the Mesaverde formation as well
as the Mancos and Niobrara shale formations in
Colorado. SMLP has an equity investment in Double E Pipeline,
LLC, which is developing natural gas transmission infrastructure
that will provide transportation service from multiple receipt
points in the Delaware Basin to
various delivery points in and around the Waha Hub in
Texas. SMLP also has an equity investment in Ohio Gathering,
which operates extensive natural gas gathering and condensate
stabilization infrastructure in the Utica Shale in Ohio. SMLP
is headquartered in Houston,
Texas.
Forward-Looking Statements
This press release includes
certain statements concerning expectations for the future that are
forward-looking within the meaning of the federal securities laws,
including, without limitation, information concerning completion of
the reverse unit split, the terms and timing of the reverse unit
split, the impact of completion of the reverse unit split and the
Partnership's ability to maintain compliance with the NYSE
continued listing requirements. Forward-looking statements include,
without limitation, any statement that may project, indicate or
imply future results, events, performance or achievements and may
contain the words "expect," "intend," "plan," "anticipate,"
"estimate," "believe," "will be," "will continue," "will likely
result," and similar expressions, or future conditional verbs such
as "may," "will," "should," "would," and "could."
Forward-looking statements also contain known and unknown
risks and uncertainties (many of which are difficult to
predict and beyond management's control) that may cause SMLP's
actual results in future periods to differ materially from
anticipated or projected results. An extensive list of
specific material risks and uncertainties affecting SMLP is
contained in its 2019 Annual Report on Form 10-K filed with
the Securities and Exchange Commission on March 9,
2020, Quarterly Report on Form 10-Q for the three months ended
March 31, 2020 filed with the
Securities Exchange Commission on May 8,
2020, and Quarterly Report on Form 10-Q for the three months
ended June 30, 2020 filed with the
Securities Exchange Commission on August 10,
2020, each as amended and updated from time to time. Any
forward-looking statements in this press release, are made as of
the date of this press release and SMLP undertakes no
obligation to update or revise any forward-looking statements to
reflect new information or events.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/summit-midstream-partners-lp-announces-1-for-15-reverse-unit-split-301163655.html
SOURCE Summit Midstream Partners, LP