Business Context and Reporting Period
This Form 8-K was filed by Amplify Energy Corp. on October 13, 2020. The report addresses a regulatory compliance issue regarding the listing status of the Company's common stock (trading symbol: AMPY) on the New York Stock Exchange (NYSE).
Key Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The only financial metric disclosed is the market price of the Company's common stock, which averaged below $1.00 over a 30 consecutive trading-day period ending October 12, 2020.
Material Changes
- Listing Deficiency: The Company received written notification from the NYSE that it no longer satisfies the continued listing compliance standards under Section 802.01C of the NYSE Listed Company Manual due to the low average share price.
- Trading Indicator: The NYSE has assigned a ".BC" indicator to the AMPY stock symbol to signify non-compliance with continued listing requirements.
Outlook, Risks, and Management Commentary
- Cure Period: The Company has a six-month period from the date of notification to regain compliance with the minimum share price requirement.
- Compliance Path: To regain compliance, the Common Stock must have a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of any calendar month during the cure period.
- Delisting Risk: If the Company fails to regain compliance within the six-month cure period, the Common Stock will be subject to NYSE suspension and delisting procedures.
- Management Intent: The Company has notified the NYSE of its intent to cure the deficiency and return to compliance.
Investor Verification Checklist
- Verify the current trading price and 30-day average of AMPY stock to assess progress toward the $1.00 threshold.
- Monitor the ".BC" trading indicator status on the NYSE.
- Review the press release attached as Exhibit 99.1 for additional management commentary on the situation.
- Check for future filings regarding the Company's progress or failure to meet the six-month cure deadline.