Evolve Transition Infrastructure LP SNMP common units surged Monday. The company last week announced the removal by NYSE American of the trading suspension on the stock.
What To Know: The company announced last Wednesday, according to a letter from NYSE American, that the continued listing deficiency with respect to low selling price was resolved. The company's delisting determination would be withdrawn, the trading suspension on the Partnership’s common units would be lifted and the common units would commence trading on the NYSE American on July 31 under the symbol "SNMP."
However, delisting proceedings may again be enacted if the Partnership is not in compliance with the continued listing standards by June 6 of next year.
On Monday, the common units soared over 700% after they commenced trading. However, several times throughout the day, they were halted and then resumed trading.
Also of note, the stock recently initiated a 1-for-30 reverse split which gave one common unit for every thirty common units they owned at the close of trading on July 17.
Related Link: Eagle Materials Capitalizes On Strong Cement Pricing Despite Wallboard Slowdown: Analyst
SNMP Price Action: Shares of SNMP were up 765.4% at $4.50 at the time of publication, according to Benzinga Pro.
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