Ferrellgas receives continued listing standards notice from NYSE

January 14, 2019 By    
Ferrellgas bobtail photo by Brian Richesson

Ferrellgas’ common units will continue to be listed and traded on the New York Stock Exchange while it works to regain compliance. Photo by Brian Richesson

Ferrellgas Partners LP is no longer in compliance with the New York Stock Exchange Inc.’s (NYSE) continued listing standards because the average closing price of the company’s common units over a consecutive 30-day trading period was less than $1 per unit, the national propane retailer announced.

Ferrellgas says the NYSE’s notification has no impact on the company’s business operations.

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. Ferrellgas has six months following the receipt of notice to regain compliance. During this time, the company’s common units will continue to be listed and traded on the NYSE. The NYSE’s notification does not affect Ferrellgas’ Securities and Exchange Commission reporting requirements, the company adds.

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 has an average closing price of at least $1 over the 30-trading-day period ending on the last trading day of that month.

Ferrellgas’ unit price Jan. 10 closed at $1.25. If the current pricing trend were to continue, the company says it would be able cure the deficiency in an accelerated time frame.

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About the Author:

Brian Richesson is the editor in chief of LP Gas Magazine. Contact him at brichesson@northcoastmedia.net or 216-706-3748.

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