CVR Partners, LP Receives Continued Listing Standard Notice from NYSE

SUGAR LAND, Texas, April 24, 2020 (GLOBE NEWSWIRE) -- CVR Partners, LP (NYSE: UAN) (the “Partnership”), a manufacturer of ammonia and urea ammonium nitrate solution fertilizer products, announced today that on April 20, 2020, the average closing price of the common units, par value $0.01 (the “Common Units”) of the Partnership over a consecutive 30 trading-day period fell below $1.00. As a result, on April 22, 2020, the Partnership received written notification (the “Notice”) from the New York Stock Exchange (“NYSE”) that it no longer satisfies the continued listing compliance standards set forth under Section 802.01C of the NYSE Listed Company Manual (“Section 802.01C”). Under the NYSE’s rules, the Partnership has six months following receipt of this Notice to regain compliance with this minimum unit price requirement. However, due to the unprecedented market-wide declines as a result of the ongoing spread of COVID-19, the Securities and Exchange Commission approved the NYSE’s request to toll the six-month compliance period through and including June 30, 2020. As a result, the Partnership has until January 1, 2021, (the “Cure Period”) to regain compliance with this continued listing standard.

As required by the NYSE, on April 24, 2020, the Partnership notified the NYSE that it intends to cure the deficiency and return to compliance with the NYSE’s continued listing requirements. The Partnership intends to monitor the closing price of its Common Units and consider available options if its Common Units do not trade at a level likely to result in the Partnership regaining compliance with Section 802.01C by January 1, 2021. The Partnership can regain compliance at any time during the Cure Period if, on the last trading day of any calendar month during the Cure Period, the Common Units have a closing unit price of at least $1.00 and an average closing unit price of at least $1.00 over the consecutive 30 trading-day period ending on the last trading day of that month. Under NYSE rules, the Common Units will continue to be listed on the NYSE during this Cure Period, subject to the Partnership’s compliance with other continued listing requirements. The Common Units symbol “UAN” will be assigned a “.BC” indicator by the NYSE to signify that the Partnership currently is not in compliance with the NYSE’s continued listing requirements. If the Partnership fails to regain compliance with Section 802.01C during the Cure Period, the Common Units will be subject to the NYSE’s suspension and delisting procedures. If the Common Units ultimately were to be delisted for any reason, such delisting could negatively impact the Partnership by, among other things, reducing the liquidity and market price of our Common Units, reducing the number of investors willing to hold or acquire our Common Units, and limiting our ability to issue securities or obtain financing in the future.