DespiteRhino Resource PartnersLP's completion of a 1-for-10 reverse split on its common and subordinatedunits in an effort to comply with the New York Stock Exchange continued listingstandards, NYSE on April 27 filed with the SEC to delist and terminate theregistration of the common units.
TheNYSE suspended the tradingof Rhino's common units on Dec. 17, 2015, and began delisting proceedings dueto the partnership's failure to maintain an average global market capitalization of atleast $15 million for its common units over a consecutive 30-trading-dayperiod, according to a Form 8-Kfiled April 28.
Rhinoon Jan. 4 filed an appeal with the NYSE toreview the suspension and delisting determination of the common units but theNYSE, in an April 20 hearing regarding partnership's appeal, upheld itsdecision to delist the common units. The delisting is expected to becomeeffective on May 9.
Rhino'scommon units will continue trading on the OTCQB under the symbol"RHNOD" but will revert to "RHNO" on May 16.
Inother news, Rhino said that James Tompkins,director of Rhino GP LLC, the general partner of the partnership, has announcedhis resignation from the board of directors of Rhino's general partner,effective April 22. Tompkins' decision to resign from the board was not theresult of any disagreement with the partnership.