Atlas Energy Group LLC’s (NYSE: ATLS) expects its common units to begin trading today on the OTCQX Market. Atlas expects its OTCQX ticker symbol to be the same as its New York Stock Exchange (NYSE) symbol: ATLS. Atlas Energy Group will remain subject to the public reporting requirements of the US Securities and Exchange Commission (SEC) following the transfer to the OTCQX Market.
Atlas was notified recently by the NYSE that the NYSE has determined to commence proceedings to delist its common units from the NYSE as a result of the company's failure to comply with the continued listing standard set forth in Section 802.01B of the NYSE Listed Company Manual to maintain an average global market capitalization over a consecutive 30-trading-day period of at least $15 million for its common units. The NYSE also suspended the trading of the common units at the close of trading on March 18.
The NYSE has informed the company that it will apply to the SEC to delist the common units upon completion of all applicable procedures, including any appeal by the company of the NYSE's decision. Atlas Energy Group is presently considering what actions, if any, it may take in response to the decision; however, it anticipates that its common units will begin trading today on the OTCQX Market.
Atlas Energy Group is a limited liability company which owns the following interests: all of the general partner interest, incentive distribution rights, and a 23% limited partner interest in its upstream oil and gas subsidiary, Atlas Resource Partners LP; the general partner interests, incentive distribution rights, and limited partner interests in Atlas Growth Partners LP; and a general partner interest in Lightfoot Capital Partners, an entity that invests directly in energy-related businesses and assets.