According to documents filed with the SEC, Memorial Production Partners informed The Nasdaq Stock Market (Nasdaq) that, although the Company has requested that its common units be allowed to remain listed during its bankruptcy proceeding, it does not intend for its post-emergence shares to be listed on Nasdaq. Instead, the Company is expected to apply for its post-emergence shares to be traded and quoted on the OTCQB market, and Memorial Production Partners anticipates completing the OTCQB quotation process in the second quarter of 2017.
The SEC filing notes, “Under the Plan Support Agreement, dated December 22, 2016, …the Consenting Noteholders holding a majority of the aggregate principal amount held by the Consenting Noteholders (the ‘Requisite Noteholders’) have the right to direct the Partnership to cause shares in its successor company (the ‘Emerged Company’) to be listed on The Nasdaq Global Market or another national securities exchange.”
In addition, “On March 23, 2017, the Requisite Noteholders informed the Partnership that they do not intend to exercise such right, and indicated their preference that the shares of the Emerged Company be traded and quoted on an over-the-counter (‘OTC’) market, and that the status as a reporting company under the rules of the Securities and Exchange Commission (the ‘SEC’) be maintained for the Emerged Company.”
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