Ferrellgas Partners works to regain compliance with NYSE

Ferrellgas says the New York Stock Exchange notice from July 23 has no impact on the company’s business operations. Photo by Kevin Yanik

Ferrellgas Partners LP is not in compliance with the New York Stock Exchange Inc.’s (NYSE) continued listing standards because the average closing price of its common units over a consecutive 30-day trading period was less than $1 per unit, the company announced July 26.

The NYSE notice from July 23 has no impact on the company’s business operations, Ferrellgas notes in a company press release.

In accordance with applicable NYSE procedures, Ferrellgas says it will respond to the NYSE within 10 business days to confirm its intent to cure the deficiency within the prescribed time frame set out in the NYSE’s Listed Company Manual. The company has six months following the receipt of notice to regain compliance. During this time, Ferrellgas says, the company’s common units will continue to be listed and traded on the NYSE. The NYSE’s notification does not affect the company’s Securities and Exchange Commission reporting requirements.

Ferrellgas can regain compliance at any time during the six-month period if its common units have a closing price of at least $1 on the last trading day of any calendar month during the period and also have an average closing price of at least $1 over the 30-trading-day period ending on the last trading day of that month.

The notice marks the second time this year that Ferrellgas has fallen out of compliance with the NYSE continued listing standards. The company made a similar announcement in January.

Ferrellgas is the second-largest propane retailer in the United States.

View LP Gas’ Stock Watch from the August issue.

*Featured image: iStock. com/monsitj