Cloud Peak Energy Announces Suspension of Trading and Commencement of NYSE Delisting Procedures Due to Low Stock Price; Common Stock Expected to Begin Trading on the OTC Pink
Cloud Peak Energy Inc. (NYSE: CLD) (the “Company”) announced that on
March 26, 2019, the Company was notified by the New York Stock Exchange
(“NYSE”) that the NYSE had determined to commence proceedings to delist
the Company’s common stock as a result of the NYSE’s determination that
the Company’s common stock was no longer suitable for listing on the
NYSE based on “abnormally low” price levels, pursuant to Section 802.01D
of the NYSE Listed Company Manual. The NYSE also suspended trading in
the Company’s common stock effective immediately.
The NYSE stated that it will apply to the Securities and Exchange
Commission (“SEC”) to delist the Company’s common stock upon completion
of all applicable procedures. The Company does not intend to appeal the
delisting determination.
The Company anticipates that its common stock will begin trading on the
OTC Pink on March 27, 2019, under the symbol “CLDP”. The transition to
the over-the-counter markets will not affect the Company’s business
operations. The Company will remain subject to the public reporting
requirements of the SEC following the transfer.
About Cloud Peak Energy®
Cloud Peak Energy Inc. (NYSE:CLD) is headquartered in Wyoming and is the
only pure-play Powder River Basin coal company. As one of the safest
coal producers in the nation, Cloud Peak Energy mines low sulfur,
subbituminous coal and provides logistics supply services. The Company
owns and operates three surface coal mines in the PRB, the lowest cost
major coal producing region in the nation. The Antelope and Cordero Rojo
mines are located in Wyoming and the Spring Creek Mine is located in
Montana. In 2018, Cloud Peak Energy sold approximately 50 million tons
from its three mines to customers located throughout the U.S. and around
the world. Cloud Peak Energy also owns rights to substantial undeveloped
coal and complementary surface assets in the Northern PRB, further
building the Company’s long-term position to serve Asian export and
domestic customers. With approximately 1,200 total employees, the
Company is widely recognized for its exemplary performance in its safety
and environmental programs. Cloud Peak Energy is a sustainable fuel
supplier for approximately two percent of the nation’s electricity.
Cautionary Note Regarding Forward Looking Statements
This release contains “forward-looking statements” within the meaning of
the safe harbor provisions of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements are not statements of historical facts and often contain
words such as “may,” “will,” “expect,” “believe,” “anticipate,” “plan,”
“estimate,” “seek,” “could,” “should,” “intend,” “potential,” or words
of similar meaning. Forward-looking statements are based on management’s
current expectations, beliefs, assumptions and estimates regarding our
company, industry, economic conditions, government regulations and
energy policies and other factors. Forward-looking statements may
include, for example, statements regarding the impact of our inability
to maintain compliance with the continued listing rules of the NYSE, the
possible timing for and ability to continue any trading of our common
stock on the OTC and other statements regarding our plans, strategies,
prospects and expectations concerning our business, operating results,
financial condition, liquidity and other matters that do not relate
strictly to historical facts. These statements are subject to
significant risks, uncertainties, and assumptions that are difficult to
predict and could cause actual results to differ materially and
adversely from those expressed or implied in the forward-looking
statements, including risks and uncertainties regarding our inability to
maintain compliance with the continued listing rules of the NYSE.
Forward-looking statements are also subject to the risk factors and
cautionary language described from time to time in the reports and
registration statements we file with the Securities and Exchange
Commission, including those in Item 1A - Risk Factors in our most recent
Form 10-K and any updates thereto in our Forms 10-Q and current reports
on Form 8-K. Additional factors, events, or uncertainties that may
emerge from time to time, or those that we currently deem to be
immaterial, could cause our actual results to differ, and it is not
possible for us to predict all of them. We make forward-looking
statements based on currently available information, and we assume no
obligation to, and expressly disclaim any obligation to, update or
revise publicly any forward-looking statements made in this release,
whether as a result of new information, future events or otherwise,
except as required by law.
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