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Memorial Production will not seek Nasdaq listing for emerged company
By Caroline Salls
Pittsburgh, April 6 – Memorial Production Partners LP has informed the Nasdaq Stock Market LLC that it does not intend for the company’s shares to be listed on Nasdaq after it emerges from bankruptcy, according to an 8-K filed Thursday with the Securities and Exchange Commission.
While it has requested that the common units be allowed to remain listed on Nasdaq until the emergence, the company said there is no guarantee that it will maintain the listing of the common units through that time.
As previously reported, the partnership received a letter from Nasdaq’s listing qualifications department notifying it that, as a result of the Chapter 11 cases, its common units representing limited partner interests would be delisted.
On March 21, the company’s request for the continued listing of the common units was granted by a Nasdaq hearings panel, subject to the conditions that the partnership must emerge from bankruptcy on or before May 1 and complied with all requirements for initial listing.
Under Memorial Production's plan support agreement, consenting noteholders have the right to direct the partnership to cause shares in its successor company to be listed on the Nasdaq Global Market or another national securities exchange.
On March 23, the noteholders informed the partnership that they do not intend to exercise that right and indicated their preference that the shares of the emerged company be traded and quoted on an over-the-counter market.
The noteholders want the emerged company to maintain its status as a reporting company under the rules of the Securities and Exchange Commission, according to the 8-K.
Memorial is focused on the acquisition, production and development of oil and natural gas properties in the United States. The Houston-based company filed bankruptcy on Jan. 16 in the U.S. Bankruptcy Court for the Southern District of Texas under Chapter 11 case number 17-30262.
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