Business Context and Reporting Period
Amplify Energy Corp. (NYSE: AMPY) filed a Form 8-K on April 20, 2020, reporting a significant corporate governance event. The filing addresses a notice received from the New York Stock Exchange (NYSE) regarding the Company's compliance with continued listing standards.
Key Financial Metrics
This filing is a current report regarding listing status and does not contain financial statements, revenue, profit, cash flow, or debt metrics. The only financial data point provided is the stock price performance triggering the notice:
- Stock Price Deficiency: The average closing price of the Common Stock was below $1.00 over a 30 consecutive trading-day period ending April 17, 2020.
Material Changes
The material change reported is the Company's failure to satisfy the NYSE's minimum share price requirement (Section 802.01C of the NYSE Listed Company Manual). Consequently, the Company's stock symbol has been assigned a ".BC" indicator to signify non-compliance with continued listing requirements.
Outlook, Risks, and Management Commentary
Management Action: The Company has notified the NYSE of its intent to cure the deficiency and return to compliance.
Cure Period: The Company has a six-month period following receipt of the notification to regain compliance.
Compliance Criteria: 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.
Risks: If the Company fails to regain compliance within the six-month cure period, the Common Stock will be subject to the NYSE's suspension and delisting procedures. The stock will remain listed during the cure period, subject to other continued listing requirements.
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" indicator on the stock symbol, which remains until compliance is restored.
- Review the press release attached as Exhibit 99.1 for additional management commentary on the situation.
- Track the Company's progress through the six-month cure period to avoid potential delisting.