Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
Ferrellgas Partners, L.P. (NYSE:FGP) ("Ferrellgas" or the "Company") announced
today that on January 10, 2019, the Company was notified by the New York Stock
Exchange, Inc. (NYSE) that it is no longer in compliance with the NYSE's
continued listing standards because the average closing price of the Company's
common units over a consecutive 30-day trading period was less than $1.00 per
unit. The NYSE's notification has no impact on the Company's business
In accordance with applicable NYSE procedures, the Company will respond to the
NYSE within ten business days to confirm its intent to cure this deficiency
within the prescribed timeframe set out in the NYSE's Listed Company Manual. The
Company has a period of six months following the receipt of notice to regain
compliance. During this time the Company's common units will continue to be
listed and trade on the NYSE.
The Company can regain compliance at any time during the six month period if its
common units have a closing price of at least $1.00 on the last trading day of
any calendar month during the period and also has an average closing price of at
least $1.00 over the 30 trading day period ending on the last trading day of
that month. As of yesterday, January 10, 2019, the Company's unit price closed
at $1.25. If the current pricing trend were to continue, the Company would be
able cure this deficiency in an accelerated timeframe.
The Company's common units will continue to be listed and traded on the NYSE
during this six-month cure period, subject to the Company's compliance with
other continued listing requirements set forth in the NYSE Listed Company
Manual. The Company's common stock symbol "FGP" will be assigned a ".BC"
indicator by the NYSE to signify that the Company is not currently in compliance
with the NYSE's continued listing requirements. If the Company fails to regain
compliance with Section 802.01C of the NYSE Listed Company Manual by the end of
the cure period, the Company's common units will be subject to the NYSE's
suspension and delisting procedures.
If the Company's common units ultimately were to be delisted for any reason, it
could negatively impact the Company as it would likely reduce the liquidity and
market price of the common units; reduce the number of investors willing to hold
or acquire the common units; and negatively impact the Company's ability to
access equity markets and obtain financing.
The NYSE notification does not affect the Company's business operations or its
Securities and Exchange Commission reporting requirements and does not result in
a default under any of the Company's material debt agreements.
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