HOUSTON, Feb. 28, 2020 /PRNewswire/ -- Chesapeake
Granite Wash Trust (NYSE: CHKR) today announced that it has
received notification from the New York Stock Exchange ("NYSE") of
its determination to suspend trading of the Trust's common units
(the "Trust Units"), effective as of the close of trading on
February 28, 2020, and to initiate
proceedings to delist the Trust Units. The determination to
commence the delisting proceeding results from the Trust's
inability to satisfy the continued listing compliance standards set
forth under Rule 802.01C of the NYSE Listed Company Manual because
the average closing price of the Trust Units fell below
$1.00 over a 30 consecutive
trading-day period, and the Trust was unable to regain compliance
with the applicable standards within a six-month cure period that
concluded on February 28, 2020.
As a result of the suspension, the Trust expects that the Trust
Units will begin trading on March 2,
2020 under the symbol "CHKR" on the OTC Pink Market, which
is operated by OTC Markets Group Inc. ("OTC Pink"). Subscribing
broker-dealers view and publish quotes and negotiate trades in the
OTC Pink securities on the OTC Markets Group Inc.'s SEC-registered
Alternative Trading System, OTC Link® ATS, an interdealer quotation
and trade messaging system. OTC Pink is a significantly more
limited market than the NYSE, and the quotation of the Trust Units
on OTC Pink may result in a less liquid market available for
existing and potential unitholders and could further depress the
trading price of the Trust Units. There is no assurance that an
active market in the Trust Units will develop on OTC Pink. More
information about the OTC Markets Group Inc. is available on its
website (https://www.otcmarkets.com/).
ABOUT CHESAPEAKE GRANITE WASH TRUST:
Chesapeake Granite Wash Trust (NYSE:CHKR) is a
Delaware statutory trust formed by
Chesapeake to own certain royalty interests in oil, natural gas
liquids and natural gas wells in Washita
County, Oklahoma producing from the Colony Granite Wash play
within the broader Granite Wash formation of the Anadarko Basin. The common units do not
represent interests in and are not obligations of Chesapeake.
Further information is available at www.chkgranitewashtrust.com
where the Trust routinely posts announcements, updates, investor
information and news releases.
This news release contains statements that are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements
contained in this news release, other than statements of historical
facts, are "forward-looking statements" for purposes of these
provisions. An investment in common units issued by the Trust is
subject to the risks described in the Trust's Annual Report on Form
10-K for the year ended December 31,
2018, as well as other risks identified in the Trust's
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K
filed with the SEC. The Trust's annual, quarterly and other filed
reports are or will be available at the SEC's website at
www.sec.gov. The Trust does not intend, and assumes no obligations,
to update any of the statements included in this news
release.
TRUSTEE CONTACT INFORMATION:
The Bank of New York Mellon Trust Company, N.A.
Monika Rusin
212-815-5787
monika.kozdra@bnymellon.com
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SOURCE Chesapeake Granite Wash Trust