CorEnergy Infrastructure Trust, Inc. (OTC: CORR, CORRL) (“CorEnergy” or the “Company”) today announced that on December 1, 2023 it received notice that the New York Stock Exchange (“NYSE”) has determined to suspend trading of and commenced proceedings to delist shares of CorEnergy’s common and preferred stock. The notice was issued because the Company fell below the NYSE’s continued listing standard requiring an average global common stock market capitalization of at least $15 million over a consecutive 30 trading day period.
CorEnergy’s common and preferred stock are now trading on the over-the-counter (“OTC”) marketplace under the symbols CORR and CORRL, respectively.
The Company intends to appeal the delisting determination. A delisting of CorEnergy’s common stock from the NYSE, if the Company’s appeal is not successful, would trigger a requirement to repurchase the Company’s 5.875% convertible notes at par value, as previously disclosed. As a result, any such repurchase offer, if required, would not be made until after the NYSE appeal is resolved.
The change in listing status does not impact the Company’s commitment to providing safe, reliable, and environmentally sustainable service to the customers and communities that CorEnergy serves.
The Company is already engaged in strategic efforts to improve its business operations and balance sheet. CorEnergy has announced the pending sale of its MoGas and Omega pipeline systems (“MoGas System”) to Spire Inc. (NYSE: SR) for approximately $175 million in cash. The transaction is expected to close around the end of the year, subject to FTC review, and CorEnergy intends to use proceeds from the sale to reduce its overall indebtedness.
Additionally, the Company has filed for tariff rate increases on its other regulated cost of service pipeline assets, including a request for accelerated relief, among other initiatives already in progress to improve its business results through both revenue increases and cost reductions.
CorEnergy intends to continue to comply with public company Securities Exchange Commission (“SEC”) reporting requirements, including filing quarterly financial statements and having independently audited financials, and the Company intends to maintain an independent Board of Directors with corporate governance rules and oversight committees.
