Torch Energy Royalty Trust Receives Continued Listing Standards Notice From The New York Stock Exchange
HOUSTON, Dec. 12, 2012 /PRNewswire/ -- Torch Energy Royalty Trust (the "Trust") (NYSE: TRU) ( www.torchroyalty.com) today announced that it received a continued listing standards notice from the New York Stock Exchange (the "NYSE") on December 6, 2012 due to the fact that the average closing price of the Trust's units was less than $1.00 per unit over a period of 30 consecutive trading days.
The Trust's units continue to trade on the NYSE. Under NYSE rules, the Trust has six months following receipt of the letter notification to regain compliance with the minimum unit price requirement. The Trust may regain compliance at any time during the six-month cure period if the trust's unit has a closing unit price of at least $1.00 on the last trading day of any calendar month during the period and also has an average closing unit price of at least $1.00 over the 30 trading-day period on the last trading day of that month or on the last day of the cure period. Pursuant to NYSE rules, the Trust intends to notify the NYSE within 10 business days from the receipt of the NYSE notification of its intent to cure the deficiency related to the Trust units within the six-month cure period.
Notwithstanding the opportunity for a six-month grace period to return to compliance with NYSE continued listing requirements, given the Trust's termination and the recent market experience with our listed securities, there can be no assurance that the Trust will return to compliance with the NYSE listing standards. Moreover, no assurance can be given that future actions by the Trust or the marketplace will not give rise to alternative bases for potential delisting from the NYSE.
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