SANDRIDGE PERMIAN TRUST (NYSE:PER) today announced that it has received notification from the New York Stock Exchange ("NYSE") of its determination to suspend trading of the Trust's units of beneficial interest (the "Trust units"), effective as of the close of trading on September 8, 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 that ended December 24, 2019, and the Trust was unable to regain compliance with the applicable standards within a cure period that concluded on September 5, 2020.
As a result of the suspension, the Trust expects that the Trust units will begin trading on September 9, 2020 under the symbol "PERS" on the OTC Pink Market, which is operated by OTC Markets Group Inc. ("OTC Pink"). To be quoted on OTC Pink, a market maker must sponsor the security and comply with SEC Rule 15c2-11 before it can initiate a quote in a specific security. 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.