Business Context and Reporting Period
This Form 8-K was filed by Kimbell Royalty Partners, LP on February 8, 2018, reporting an event that occurred on February 2, 2018. The filing addresses a corporate governance issue regarding the composition of the Audit Committee.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a listing compliance matter.
Material Changes
On February 2, 2018, the Partnership notified the New York Stock Exchange (NYSE) that it was not in compliance with Section 303A.07(a) of the NYSE Listed Company Manual. This non-compliance resulted from the death of C.O. Ted Collins, Jr. on January 27, 2018, which left the Audit Committee with fewer than the required three independent directors.
Outlook and Management Commentary
Management has initiated a search for a third independent director to serve on the Board of Directors and Audit Committee of Kimbell Royalty GP, LLC. The Partnership expects to announce the appointment of a new director in a timely manner to restore compliance.
Investor Verification Checklist
- Confirm the date of the appointment of the new independent director to the Audit Committee.
- Verify that the NYSE has accepted the Partnership's plan to regain compliance.
- Review subsequent filings to ensure no further listing delisting notices are issued.