Mid-Con Energy Partners LP said that the Board of Directors of its General Partner has postponed the previously announced reverse split of the partnership’s common units and approved a new exchange ratio of one-for-twenty common units. The reverse unit split, which was originally to have taken effect after market close on March 23, 2020, will now take effect after market close on April 9, 2020.
Pursuant to the reverse unit split, common unitholders will receive one common unit for every twenty common units owned at the close of business on April 9, 2020. All fractional units created by the reverse unit split will be rounded to the nearest whole unit, as provided by Mid-Con’s partnership agreement. If the fraction created is less than one-half, it will be rounded down to the nearest whole unit. If the fraction is one-half or more, it will be rounded up to the nearest whole unit. The partnership anticipates that the reverse split will decrease the number of common units outstanding from approximately 31 million units to 1.55 million units. The reverse split is intended to increase the market price per unit of the partnership’s common units to allow the partnership to maintain its listing on The NASDAQ Capital Market.