CorEnergy announces suspension of NYSE status

CorEnergy Infrastructure Trust, announced that on December 1, it received notice that the New York Stock Exchange 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 M over a consecutive 30 trading day period. CorEnergy’s common and preferred stock are now trading on the over-the-counter 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 system to Spire for approximately $175M 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.