Business Context and Reporting Period
Company: Amplify Energy Corp. (NYSE: AMPY)
Filing Type: Form 8-K (Current Report)
Date of Report: August 31, 2020 (Event Date)
Reporting Period: The filing addresses a specific regulatory event occurring on August 31, 2020, regarding continued listing compliance on the New York Stock Exchange (NYSE).
Key Financial Metrics
This filing does not provide standard financial performance metrics such as revenue, profit, cash flow, or margins. However, it discloses specific financial thresholds related to listing compliance:
- Market Capitalization: The average global market capitalization was less than $50,000,000 over a consecutive 30 trading-day period ending August 28, 2020.
- Stockholders' Equity: The Company's stockholders' equity was less than $50,000,000 at the time of the notice.
Material Changes
The primary material change reported is the receipt of a formal Notice from the NYSE stating that Amplify Energy Corp. no longer satisfies the continued listing compliance standards under Section 802.01B of the NYSE Listed Company Manual. This deficiency is due to the simultaneous failure to meet the minimum market capitalization and stockholders' equity requirements.
Outlook, Management Commentary, and Risks
Management Action Plan:
- The Company has 10 business days to confirm receipt of the Notice and its intent to cure the deficiencies.
- The Company has 45 days to submit a plan to the NYSE demonstrating how it intends to regain compliance within 18 months.
- Management intends to develop and submit a compliance plan within the required timeframe.
- The Common Stock will continue to be listed on the NYSE during the 18-month cure period, subject to other listing requirements.
- The trading symbol "AMPY" will be assigned a ".BC" indicator to signify non-compliance with continued listing requirements.
- Delisting Risk: If the Company fails to regain compliance during the cure period, the Common Stock will be subject to suspension and delisting procedures.
On September 4, 2020, the Company issued a press release regarding this Notice (Exhibit 99.1). This information is furnished under Regulation FD and is not deemed "filed" for purposes of Section 18 of the Exchange Act.
Investor Verification Checklist
- Verify the current trading status of AMPY on the NYSE and confirm the presence of the ".BC" indicator.
- Monitor the Company's submission of a compliance plan to the NYSE within the 45-day window.
- Review subsequent filings for updates on the Company's progress toward regaining compliance with Section 802.01B.
- Assess the risk of potential delisting if the 18-month cure period expires without restored compliance.