Hi-Crush Inc. Receives Notice from NYSE Regarding Continued Listing Requirements

HOUSTON, Dec. 16, 2019 (GLOBE NEWSWIRE) -- Hi-Crush Inc. (NYSE: HCR), or the "Company", today announced that on December 11, 2019, the Company received a letter from the New York Stock Exchange (the “NYSE”) notifying it that, over a period of 30 consecutive trading days, the average closing price of the Company’s common stock was below the minimum $1.00 per share requirement for continued listing on the NYSE under Item 802.01C of the NYSE Listed Company Manual.

The NYSE notification does not affect the Company's business operations, financing agreements or instruments, Securities and Exchange Commission reporting requirements or any other of the Company's material agreements. Further, this notice does not have an immediate effect on the listing of the Company’s common shares, which will continue to trade on the NYSE, subject to the Company’s compliance with other continued listing requirements.

Under the NYSE’s rules, the Company has six months following receipt of the notification to regain compliance with the minimum share price requirement. As required by the NYSE, the Company will notify the NYSE of its intent to cure the deficiency and return to compliance with the NYSE’s continued listing requirements. The Company may regain compliance at any time during the six-month cure period if, on the last trading day of any calendar month during the cure period, its common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. Under the NYSE’s rules, the common stock will continue to be listed on the NYSE during this six-month cure period, subject to the Company’s compliance with other continued listing requirements. If the Company fails to regain compliance with Section 802.01C during the cure period, the common stock will be subject to the NYSE’s suspension and delisting procedures.

"Hi-Crush Inc. is committed to our investors and remains focused on three key areas to help mitigate headwinds currently facing our industry. These are leveraging our integrated portfolio to deliver high quality customer service, improving profitability through operational optimization and cost reduction, and pursuing prudent capital allocation," said Mr. Robert E. Rasmus, Chairman and Chief Executive Officer of Hi-Crush. "Throughout the process with the NYSE and during all of 2020, the priority of the Board remains conserving cash and maintaining liquidity. We previously announced significant reductions in our 2020 capital expenditures compared to 2019, as we are committed to free cash flow generation. Our management team remains invested and confident in the long-term success of our company, and is well-aligned with shareholders to drive value creation and the success of Hi-Crush."